Backed Finance Launches xStocks, Tokenized Stocks Now on Kraken, Bybit, and Solana DeFi Platforms

xStocks product interface or asset list concept — *xStocks Supported Assets. Source: Backed Finance*

More than 60 tokenized stocks managed by Backed Finance are now available for trading on cryptocurrency exchanges Kraken and Bybit, as well as several Solana-based decentralized finance (DeFi) platforms.

Backed Finance announced Monday the launch of its tokenized stocks product, xStocks, which integrates with these venues, providing blockchain-based access to traditional equities.

Selection Includes Blue-Chips and Crypto-Related Firms

The initial portfolio of xStocks focuses on blue-chip companies and crypto sector players, encompassing major names such as Netflix, Meta Platforms, Robinhood, Coinbase, Amazon, Nvidia, McDonald’s, Apple, Tesla, and Microsoft.

Innovative Trading Features

Backed Finance, Bybit, and Kraken all highlight the advantages of xStocks over conventional stock trading. Prominent features include:

24/7 Trading Availability: No closure for weekends or holidays.
Feeless Transactions: Kraken explicitly promises no commissions.
On-Chain Settlement via Bybit: Near-instantaneous token transfers.
Freely Transferable Assets: Enhanced liquidity and usability.

Bybit emphasizes compliance with the European Union’s Markets in Financial Instruments Directive II (MiFID II) and notes consideration for dividend integration.

Kraken stated, “Say goodbye to unfair delays, trading limits, time-zone issues, and complex signup,” suggesting xStocks offer a streamlined experience.

Integration with Solana’s DeFi Ecosystem

xStocks are explicitly stated as “DeFi-ready.” Backed Finance has integrated xStocks with leading Solana protocols including Kamino, Raydium, and Jupyter. This integration, also extending to Solana’s Phantom wallet (subject to ongoing functionality rollouts), allows users to utilize xStocks for various DeFi activities:

Liquidity Provision on Raydium
Trading on Jupiter
Asset Swapping via Kamino

This integration brings tokenized traditional stocks into Solana’s DeFi ecosystem, contributing to its available service offerings.

As tokenization efforts gain momentum in traditional finance (TradFi), platforms like Backed Finance represent a bridge between established financial instruments and the crypto world.