The rollout provides Telegram users with access to tokenized US stocks via a self-custodial wallet, but it will not be available in the US at launch. Kraken-backed tokenized securities platform xStocks is launching on TON Wallet, a self-custodial wallet on the Telegram messenger. Following an initial rollout on Wallet in Telegram, xStocks is now live on TON Wallet, marking the offering’s official launch on Telegram-linked blockchain, The Open Network (TON), Kraken announced Thursday. “Launching xStocks on TON brings tokenized equities onto truly open infrastructure,” Kraken co-CEO Arjun Sethi said in the announcement, adding that the launch marks the first time for Telegram users to access tokenized US equities onchain. Read more
The acquisition will give Kraken full control of the xStocks tokenized-equity platform, strengthening the exchange’s push into regulated real-world assets. US-based crypto exchange Kraken has agreed to acquire Backed Finance AG, the company behind the issuance of xStocks, adding to a string of acquisitions the exchange has made this year while bringing the tokenized-equities platform under its roof. According to Tuesday’s announcement, Kraken plans to integrate xStocks’ issuance, trading and settlement more tightly into its products, including its global money app, while expanding support to additional blockchains and markets. XStocks is a platform that issues tokenized versions of publicly traded equities, such as stocks and exchange-traded funds (ETFs). It currently offers over 60 tokenized products and has recorded more than $10 billion in combined exchange and onchain volume since launching earlier this year. Read more
The choice between Bitcoin and stocks isn’t simple. Here’s how analysts and data reveal how investors can approach it. Stocks may survive AI disruption if they adapt quickly to changing technological and economic demands. New businesses spurred by AI, such as robotics, biotech or space, are expected to drive growth, and the stocks mirroring such advances will have a better chance of surviving the innovation turmoil. Periods of disruption should be expected as AI reshapes labor and markets; therefore, the next few years are for adaptation to the new technology. Read more
While Kraken said that the partnership opens up stocks for 200 million users, others said that geographical restrictions exist. Crypto exchange Kraken, the main distribution partner for Backed’s tokenized equities product xStocks, has partnered with Trust Wallet, one of the world’s largest self-custody crypto wallets, to extend the reach of tokenized equities to users. In a Friday announcement, Kraken said it is “bringing interoperable tokenized equities to over 200 million users across the world” by extending xStocks to Trust Wallet users, who will be able to trade tokenized equities by Backed, a provider of collateralized onchain assets. The integration will allow Trust Wallet users to buy and hold 60 different xStocks using a variety of local fiat currencies. It would also enable deposits and withdrawals across multiple chains, including Solana, BNB Chain, Tron and Ethereum. Read more