In a significant move that’s set to reinvigorate the world of cryptocurrency trading, Kraken and Backed have announced an extended partnership aimed at enhancing the accessibility of xStocks via the Binance Smart Chain (BNB Chain). This strategic move is expected to increase the liquidity pool and facilitate larger trading volumes, thus benefiting the vast crypto trading community.
Kraken, a globally-renowned digital asset exchange platform, and Backed, a pioneering synthetic asset platform, have been collaborating to bridge the gap between traditional equity markets and blockchain technology via xStocks. The aim is to create a seamless trading experience, where users can trade popular stocks in the form of synthetic digital assets. By expanding through the BNB Chain, the team expects to harness its prowess in processing fast & high-volume trading operations, thereby offering an efficient and streamlined experience for traders.
“This collaboration can be a real game-changer in the crypto space,” says Jason Urban, CEO at DrawBridge Lending. “With the BNB Chain’s capabilities and the combined expertise of Kraken and Backed, traders can expect a faster and more efficient trading experience. Furthermore, it opens up new avenues for crypto enthusiasts to engage with the traditional stock markets.”
The move has been prompted by the increasing demand from crypto traders to have a more diverse portfolio. By leveraging the BNB Chain, xStocks will be able to offer lower transaction fees and a more scalable solution to its users. Furthermore, the BNB Chain’s compatibility with Ethereum enables easy integration of advanced financial applications, increasing its appeal among the savvy trading community.
Analysts predict that this partnership could revolutionize the way traditional and crypto markets intersect. By offering synthetic versions of popular stocks on the blockchain, users can diversify their investments while enjoying the benefits of digital assets, such as 24/7 trading and fractional ownership.
The integration of xStocks with the BNB Chain is expected to take place over the next few weeks. This expansion will certainly be closely watched by industry insiders and crypto enthusiasts alike, as it signifies an exciting step forward in the fusion of traditional asset classes with cryptocurrency markets.
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