Ship or Die at Accelerate 2025: Kraken

In a groundbreaking announcement at Solana Accelerate 2025, Kraken and Swiss startup Backed have unveiled X stocks, a revolutionary platform bringing tokenized US equities to the Solana blockchain. This innovative partnership aims to transform traditional stock trading by offering permissionless, self-custody access to over 50 popular US stocks and ETFs, available 24/7 and integrated with DeFi protocols.

Summary

Kraken, a leading cryptocurrency exchange, has partnered with Backed, a Swiss fintech startup, to launch X stocks - a new brand for tokenized equities built on the Solana blockchain. This initiative aims to bridge the gap between traditional finance and the crypto world by offering permissionless, self-custody trading of popular US stocks and ETFs.

The announcement, made at Solana Accelerate 2025, highlights the platform's key features: 24/7 trading, self-custody, and seamless integration with DeFi protocols. X stocks will initially offer over 50 of the most popular US stocks and ETFs, with plans for expansion in the future.

Solana has been chosen as an official launch partner for X stocks, with the team working closely to ensure a full DeFi stack is ready at launch. This includes DEX liquidity, collateralized lending, and real on-chain usability, making X stocks not just a tokenization solution but a fully functional financial ecosystem.

The partnership between Kraken, Backed, and Solana represents a significant step forward in the integration of traditional finance with blockchain technology, potentially revolutionizing how people trade, invest, and manage their wealth globally.

Key Points:

X stocks: Tokenized Equities on Solana

X stocks is a new brand developed by Backed to deliver tokenized equities to the world. Built on the Solana blockchain, X stocks aims to provide regulated, accessible, and DeFi-friendly tokenized versions of popular US stocks and ETFs. The platform is designed to be developer-friendly and neutral, allowing for integration with various protocols, apps, wallets, and exchanges.

One of the key advantages of X stocks is its ability to work within existing DeFi ecosystems without the need for new, specific RWA (Real World Asset) chains. This approach ensures broader compatibility and easier adoption across the crypto space, potentially accelerating the integration of traditional financial assets into the world of decentralized finance.

Kraken's Role and Vision

Kraken, represented by Mark Greenberg, Head of Consumer Business, plays a crucial role in the launch of X stocks. As a day one distribution partner, Kraken will offer X stocks to its user base in the coming weeks, providing immediate access to a large, global audience.

Greenberg emphasized Kraken's goal of bringing the best aspects of crypto to all asset classes. The vision is to make every asset class permissionless, on-chain, available 24/7, and built for everyone. X stocks aligns perfectly with this vision, addressing common pain points in traditional equity trading such as limited trading hours, lack of self-custody options, and difficulties in using stocks as collateral on-chain.

Solana as Launch Partner

Solana has been announced as an official launch partner for X stocks, highlighting the blockchain's growing importance in the DeFi ecosystem. The Solana team has worked closely with Backed to ensure a full DeFi stack is ready for X stocks at launch.

This partnership aims to provide a comprehensive suite of DeFi functionalities for X stocks, including DEX liquidity, collateralized lending, and real on-chain usability. By leveraging Solana's high-speed, low-cost infrastructure, X stocks can offer a seamless and efficient trading experience for tokenized equities.

Future Expansion and Ecosystem Growth

While the initial launch focuses on over 50 popular US stocks and ETFs, both Backed and Kraken have expressed intentions for future expansion. The goal is to transform how people trade, invest, and manage their wealth globally.

David Henderson from Backed emphasized the platform's neutrality and desire to work with more exchanges, DeFi apps, protocols, on-chain decentralized exchanges, and blockchains. This open approach aims to make X stocks a true public good, fostering widespread adoption and integration across the crypto ecosystem.

Facts + Figures

• X stocks will initially offer tokenized versions of over 50 popular US stocks and ETFs
• The platform is built on the Solana blockchain
• Kraken will be a day one distribution partner for X stocks
• X stocks is designed to be permissionless, self-custody, and built for everyone
• The platform will be integrated with DeFi protocols, offering DEX liquidity and collateralized lending
• X stocks aims to provide 24/7 trading of tokenized equities
• The platform is regulated and accessible globally
• Solana is an official launch partner for X stocks
• X stocks is designed to be developer-friendly and neutral
• The platform will work with existing protocols, apps, wallets, and exchanges without requiring new RWA chains

Top quotes

1. "We want every asset class to be permissionless, on chain 24/7, and built for everyone." - Mark Greenberg, Kraken
2. "This is going to be a game changer for tokenized assets, specifically how people access them." - David Henderson, Backed
3. "It's not enough to just tokenize something. It needs to be usable. Otherwise, what's the point?" - David Henderson, Backed
4. "To make this a true public good, we want to work with more exchanges, more DeFi apps, more protocols on-chain decentralized exchanges, and chains" - David Henderson, Backed
5. "This is what the future investing looks like. When it's designed and built for everyone." - David Henderson, Backed

Questions Answered

What is X stocks?

X stocks is a new platform for tokenized equities launched by Backed in partnership with Kraken and Solana. It offers permissionless, self-custody trading of popular US stocks and ETFs on the blockchain, available 24/7 and integrated with DeFi protocols. The platform aims to bridge traditional finance with crypto by tokenizing over 50 popular US stocks and ETFs initially, with plans for future expansion.

How does X stocks differ from traditional stock trading?

X stocks revolutionizes stock trading by offering features not available in traditional markets. Unlike conventional platforms, X stocks allows for self-custody of tokenized stocks, 24/7 trading including weekends, and the ability to use stocks as collateral in DeFi protocols. Additionally, it provides easier access to US equities for global investors and integrates seamlessly with existing crypto ecosystems.

What blockchain is X stocks built on?

X stocks is built on the Solana blockchain. Solana was chosen as an official launch partner due to its high-speed, low-cost infrastructure, which enables efficient trading and integration with DeFi protocols. The Solana team worked closely with Backed to ensure a full DeFi stack, including DEX liquidity and collateralized lending, is ready for X stocks at launch.

How can I access X stocks?

X stocks will be initially available through Kraken, which is a day one distribution partner for the platform. In the coming weeks, Kraken users will be able to trade X stocks directly on the exchange. Additionally, Backed is open to working with other exchanges, DeFi apps, and protocols to expand access to X stocks, aiming to make it widely available across the crypto ecosystem.

What are the benefits of tokenized stocks?

Tokenized stocks offer several advantages over traditional equities. They enable 24/7 trading, self-custody options, and the ability to use stocks as collateral in DeFi protocols. Tokenization also allows for fractional ownership, making high-value stocks more accessible to a broader range of investors. Furthermore, it simplifies global access to US equities and integrates stocks into the growing world of decentralized finance.

Is X stocks regulated?

Yes, X stocks is designed to be a regulated platform for tokenized equities. While specific regulatory details weren't provided in the announcement, the emphasis on regulation suggests that Backed and its partners are working within existing financial frameworks to ensure compliance and user protection. This approach aims to bring the benefits of tokenization to traditional financial assets while maintaining regulatory standards.

Can developers integrate X stocks into their applications?

Absolutely. X stocks is designed to be developer-friendly and neutral, allowing for integration with various protocols, apps, wallets, and exchanges. The platform doesn't require new specific RWA chains, making it easier for developers to incorporate X stocks into existing DeFi ecosystems. Backed encourages developers and projects interested in integrating X stocks to get in touch and explore collaboration opportunities.

What DeFi functionalities will be available for X stocks?

At launch, X stocks will offer a full DeFi stack on Solana, including DEX liquidity and collateralized lending. This means users will be able to trade X stocks on decentralized exchanges, use them as collateral for loans, and potentially participate in other DeFi activities. The integration with Solana's DeFi ecosystem aims to provide real on-chain usability, making X stocks not just a tokenization solution but a fully functional financial instrument within the DeFi space.