Crypto Exchange Kraken and the Swiss tokenization company supported on Tuesday said on Tuesday that they brought Xstocks, a series of token actions, to the Ethereum network, aimed at integrating the Stcoks into decentralized finance (Challenge) infrastructure.
The initiative allows eligible Kraken customers to deposit and remove the XSTOCKS directly on Ethereum, where they will exist in the form of ERC-20 tokens fully guaranteed 1: 1 by underlying actions. This means that investors can move actions and token ETFs between exchange and self-employed portfolios while accessing decentralized finance based on Ethereum (Challenge) Protocols.
The deployment on Ethereum follows XSTOCK launches earlier on Solana, BNB Chain and Tron. Since its inception in June, the product has generated more than $ 3.5 billion in combined trading volume through centralized and decentralized scholarships.
Ethereum’s position as the largest network of intelligent contracts gives XSTOCKS an immediate range of thousands of decentralized applications.
“Our multi-chain strategy is deliberate,” said Kraken Arjun Sethi’s CO-PDG in a press release. “It guarantees that token actions are accessible through ecosystems, laptops between portfolios and protocols and composts in the applications that users already trust. Ethereum is the next logical step.
This decision arrives as the momentum increases to provide traditional financial instruments, including actions on blockchain rails, also called tokenization of active world. Crypto exchanges like Gemini and Robinhood have already introduced American actions to tokenized for EU users. However, token share offers have also aroused concerns such as the limited rights of shareholders and fragmented regulations.
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