Tokenized equities have not been without controversy as global regulators and stock exchanges have pushed back against this new use of blockchain technology.
XStocks, a tokenized stock product owned by Backed Finance, is launching on Ethereum with about 60 tokenized stocks, including NVIDIA, Amazon, Tesla, Meta and Walmart, according to an announcement on Tuesday.
Before its debut on Ethereum, xStocks had launched on Solana, BNB Chain and Tron. Behind the platform is Backed Finance, a real-world asset (RWA) tokenization company that has been partnering with crypto exchanges, including Kraken and Bybit, to host its product.
“Ethereum is one of the world’s most widely adopted smart contract networks — and xStocks were built to meet users where they already are,” a Kraken representative told Cointelegraph.