Kraken Expands Tokenized US Equities Offering To Binance Chain

Kraken and xStocks partner Backed are moving to enable multichain access for their tokenized equities offering. The crypto exchange announced that users will soon be able to trade and invest in these stocks on the Binance Chain.

Kraken To Launch Tokenized Equities On Binance Chain

In a press release, the crypto exchange announced that, in conjunction with Backed, it has entered into a strategic partnership with Binance Chain. As part of the partnership, the BNB network will join the Stock Alliance, in a move that boosts on-chain access to tokenized US stocks for users globally.

In the coming weeks, eligible clients will be able to deposit and withdraw these stocks from the Kraken exchange through the Binance Chain. Furthermore, as part of the collaboration, Backed will deploy the xStocks on the BNB Chain as BEP-20 tokens. This will give users seamless access to tokenized representations of US stocks and ETFs.

This will include crypto stocks like TSLA and other major stocks like AAPL, SPY, and NVDA. Binance founder Changpeng “CZ” Zhao also commented on this Kraken partnership, welcoming the exchange and Backed to the BNB Chain ecosystem.

In another X post, he jokingly welcomed the stock market to the BNB Chain and the network to the stock market. This move represents a huge boost for the network in terms of adoption. The network will join Solana as the only chains that offer support for these tokenized equities.

Meanwhile, Kraken co-CEO Arjun Sethi said,

The response to xStocks has made one thing increasingly clear: The future of capital markets will be chain-neutral, composable and multichain by design. Expanding to BNB Chain reinforces our core belief that tokenized equities are not just digital wrappers for traditional assets – they are a foundational upgrade to the financial system itself.

BNB Chain Comments On Partnership

In an X post, the BNB Chain also provided details of its partnership with the crypto exchange. The network stated that the xStocks will be live later this month and will be tradable on the PancakeSwap exchange. The tokenized stocks will also be composable across the broader BNB Chain ecosystem to unlock trading and DeFi yield opportunities.

The network further noted that this move with Kraken opens up possibilities for DeFi users to interact with tokenized equities in a flexible and on-chain way. BNB pointed out that these xStocks are on-chain tokens referencing US equities.