Kraken to allow trading of tokenized versions of Apple and other popular stocks

If you love Apple and you love crypto, good news: cryptocurrency exchange Kraken is preparing to let users trade tokenized versions of popular stocks like Apple, Tesla, and Nvidia. Except if you’re in the U.S., that is. According to an exclusive report by the WSJ, Kraken’s new product, called xStocks, will first be made available to customers in Europe, Latin America, Africa, and Asia, with a broader rollout planned in the coming weeks. xStocks As the WSJ explains: Kraken refers to its new breed of tokens with the brand name “xStocks.” They will be deployed on the Solana blockchain platform. (…) Behind the scenes, xStocks tokens will be backed by shares of the underlying security, with Kraken’s partner company Backed Finance acquiring new shares as needed, the companies say. The tokens are to be redeemable for the cash value of the underlying securities. In theory, that should keep the tokens’ prices in line with the prices of the corresponding stocks and ETFs. In practice, this m ... Read full article.