Mentioned:
Publicly traded companies are coming soon to the blockchain. And Kraken wants to be a first mover.
What’s happening:
- Kraken has announced they plan to imminently launch tokenized stocks for trading on their platform through a new partnership with Backed Finance
Why it matters:
- Kraken is one of the largest digital asset exchanges in the world with more than 2.5M million individual users globally
Going deeper:
- Kraken has publicly stated that they plan to begin by tokenizing fifty different publicly traded companies, including Apple (NASDAQ: AAPL), Tesla (NASDAQ: TSLA) and Nvidia (NASDAQ: NVDA)
- Backed Finance’s technology platform holds shares of publicly traded companies with a third party custodian and then tokenizes them on the Solana blockchain to enable non-stop global trading and real time settlement
- Kraken has also been betting on the future of Solana recently through the public markets, including leading a financing round in DeFi Development Corp (NASDAQ: DFDV) for the purpose of buying and staking Solana
The intrigue:
- Sol Strategies (CSE: HODL) also just recently announced a partnership with blockchain capital markets company Superstate focused on being one of the first ever crypto companies to tokenize their shares on the Solana blockchain
The fine print:
- Tokenized stocks on Kraken will not be available to residents of the United States and will initially only be available to users in Europe, Latin America, Africa and Asia
