U.S.-based cryptocurrency exchange Kraken has announced the upcoming launch of “xStocks,” a new product offering tokenized versions of over 50 top U.S. stocks and ETFs.

It will allow non-U.S. investors in Europe, Asia, Latin America and Africa to trade these assets at any time using the Solana blockchain. Users on the xStocks platform will be able to buy shares of Apple, Tesla, Nvidia and the SPY and GLD ETFs.

With Backed Finance taking care of the shares, every Kraken token is connected to something physical, giving it greater security. At any time, investors may swap their tokens for the amount of cash linked to the stock value, maintaining similar pricing as the regular markets.

Solana Surges Following Kraken’s xStocks News

Until now, traders who wanted financial stocks had to use the New York Stock Exchange or Nasdaq, which operate only certain hours. The new tokenized stocks, however, will be available around the clock.

Since the announcement, there is renewed interest in the crypto market, centered mainly on Solana (SOL) blockchain. The news boosted SOL by 4.43%, raising its current price to $179 after it hit $178.25 as a low during the day.

Kraken Launches Tokenized U.S. Stocks on Solana Blockchain

As trading volume soared by nearly half, those who hold SOL are optimistic that rising demand and usage may carry it above $200. The last 30 days have seen SOL increase about 25%, showing that investors are being drawn back to the cryptocurrency.

Arjun Sethi, co-CEO of Kraken, said that xStocks are designed to help international investors easily access the U.S. stock market. Sethi said that Ironsfin solves many of the issues found in existing systems: high fees, slow transactions, and long wait times, helping foreign users to easily and affordably invest in America’s biggest businesses.

Solana Positioned as Future of Finance

Plans for the future involve letting users move their tokenized stocks to their personal wallets or other exchanges and also using them as security for crypto-based loans or trading.

Kraken’s move is similar to Binance’s try at stock tokens in 2021, but Kraken claims it is working legally. The company cooperates with international bodies to make its work legal everywhere it operates.

Kraken Launches Tokenized U.S. Stocks on Solana Blockchain

Regulatory and financial institutions are increasingly backing the idea of tokenized equities. The SEC gathered representatives recently to discuss blockchain-based financial instruments and saw strong support from businesses like BlackRock and Robinhood for changing old-style assets into digital form.

Using Kraken’s xStocks could help people look differently at what financial assets are. Since trading can take place constantly, there are lower fees and assets can be used in new ways, tokens could play a key role in future investing.

As Web3 moves closer to Wall Street, the fact that Solana is supporting this change is now a turning point for the blockchain and the financial world as a whole.