Defi Development pursues on-chain stock tokenization via Kraken

Heecheol Yang

Summary

Defi Development announced that it will collaborate with Kraken to on-chain its own shares.
This project will place shares on the blockchain through a partnership with the Solana-based tokenization platform xStocks.
It was stated that stock tokenization will serve as a foundation for the development of various financial products in the DeFi ecosystem.

Defi Development Corp, a treasury company based on Solana (SOL), is partnering with the cryptocurrency exchange Kraken to bring its shares on-chain.

According to Cointelegraph on the 24th (local time), Defi Development plans to place its shares on the blockchain by collaborating with xStocks, the Solana-based tokenization platform of Backed Finance. Last May, Kraken announced its partnership with xStocks, stating that it would tokenize U.S.-listed company shares and offer them to overseas investors.

Joseph Onorati, CEO of Defi Development Corp, said, “Stock tokenization will become the 'Lego block' of the DeFi ecosystem,” adding, “It will provide a foundation for developers and institutions to build a variety of financial products.”