Summary
- Kraken announced its expansion of the tokenized stock service xStocks to the TRON (TRX) blockchain.
- This expansion was achieved through collaboration with TRON DAO and Backed, and xStocks is reported to be supplied to major exchanges.
- xStocks is structured for regulatory compliance, such as restrictions on U.S. trading and no provision of voting rights, so caution is required when investing.
According to The Block, a crypto-specialized media outlet, on the 20th (local time), cryptocurrency exchange Kraken announced that it will expand its tokenized stock service, xStocks, to the TRON (TRX) blockchain.
This move was made through cooperation with TRON DAO and tokenization startup Backed.
Backed is currently supplying xStocks to centralized exchanges including Kraken, Bybit, and Gate.
Arjun Sethi, Kraken's Co-CEO, said, "Expanding xStocks to three blockchains within 60 days shows what’s possible when designing with openness in mind."
However, xStocks cannot be traded within the United States at this time, and to ensure regulatory compliance, it is structured as a debt security, so it does not provide traditional shareholder rights such as voting rights.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
