Finance
What to know:
- Kraken and Backed are now slapping tokenized equities-fancy called xStocks-onto Ethereum as ERC-20 tokens. Because, why not?
- These xStocks already racked up a casual $3.5 billion in trading volume across Solana, BNB Chain, and TRON. Big whoop, right?
- Turns out, everyone wants to drag boring old finance into the blockchain playground. It’s like putting a tuxedo on a raccoon.
So here’s the deal: Crypto exchange Kraken and some Swiss company named Backed decided Tuesday to sprinkle their xStocks portfolio onto Ethereum’s network. The idea? Mix stocks into the DeFi stew and see what bubbles up. Spoiler: probably confusion.
If you’re lucky enough to be a Kraken client, you can now deposit and withdraw xStocks directly on Ethereum. They exist as ERC-20 tokens, whatever that means-just know they’re supposedly backed one-to-one by actual equities. Fancy way of saying, “yeah, there’s some real stock behind this… maybe.” Investors can shuffle these tokenized stocks and ETFs between Kraken and their own wallets, while pretending to understand Ethereum-based DeFi protocols.
This Ethereum rollout follows earlier launches on Solana, BNB Chain, and TRON. Since June, xStocks have generated over $3.5 billion-yeah, billion-with trading volume. So people are buying this stuff. No judgment.
Ethereum is the heavyweight champ of smart contract networks, so xStocks suddenly got access to thousands of decentralized apps. Because who doesn’t want to juggle stocks and apps and blockchains all at once? 🤹♂️
Kraken’s co-CEO Arjun Sethi says, “Our multi-chain strategy is deliberate,” which sounds like business jargon for “we’re throwing spaghetti at the blockchain wall to see what sticks.” Portable, composable, accessible-take your pick of buzzwords to impress your friends at brunch.
Meanwhile, the hype train for putting traditional financial stuff on blockchain rails keeps chugging along. Gemini and Robinhood already dipped their toes in tokenized U.S. stocks for EU folks. Meanwhile, regulators and shareholder rights are waving red flags like it’s the final lap at the Monaco Grand Prix. But hey, who needs clarity when you have crypto? 🚀
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2025-09-02 19:01