BlockBeats News, July 9th - Cryptocurrency exchange platform Kraken and tokenized stock issuance platform Backed announced today a strategic partnership with the globally leading blockchain BNB Chain. Through this partnership, BNB Chain joins the rapidly expanding xStocks Alliance, further accelerating the global access for users to on-chain tokenized US stocks. In the coming weeks, Kraken will allow eligible customers to deposit and withdraw xStocks on its platform via BNB Chain.

As part of the collaboration, Backed will deploy xStocks on BNB Chain in the form of BEP-20 tokens, enabling users seamless access to tokenized assets of US stocks and ETFs. This includes assets such as AAPLx, TSLAx, SPYx, and NVDAx. By expanding to BNB Chain, xStocks continues to fulfill its mission — meeting demand wherever users are, bringing traditional equities onto the blockchain, and opening up channels to underserved global markets.

BNB Chain was selected for its high performance, low transaction fees, and leading on-chain activity. With a TVL of approximately $100 billion and one of the most active Web3 user communities, it provides a solid foundation for the adoption of tokenized assets. Kraken, Backed, and BNB Chain are collectively committed to democratizing investment by enabling global access to the US stock market 24/7.