Kraken and Backed Expand xStocks Access Through BNB Chain

Key Points

1. Kraken and Backed partnered with BNB Chain to deploy xStocks (tokenized U.S. equities like AAPLx and TSLAx) as BEP-20 tokens, enabling on-chain access.

2. BNB Chain's Maxwell upgrade reduced block times to 0.75 seconds, positioning it as the fastest major blockchain with low transaction fees.

3. Kraken's co-CEO Arjun Sethi emphasized that tokenized equities are programmable and compatible with DeFi, calling them a 'foundational upgrade to the financial system.'

4. Backed's co-founder Adam Levi stated that integrating with BNB Chain aligns with the vision of xStocks as a neutral, composable asset class for DeFi tools.

5. Kraken also launched a peer-to-peer payments app called Krak in June, designed for global payments with lower fees than its trading platform.