But crypto exchanges Kraken and Bybit have rolled out tokenized stock trading through Backed Finance’s xStocks. The assets, which trade on Solana, underscore how companies are leveraging competing networks and standards in trying to give the financial system a facelift.
As Kraken pushes forward with tokenized stock trading on Solana, Kerbrat noted that Ink, an Ethereum layer-2 network released by Kraken last year, has gone untapped.
“It’s interesting to see that they decided to not use that chain,” he said. “Some companies are about launching as many things as possible to get as many headlines as possible. On our side, we actually want people to use a product.”
A Kraken spokesperson told Decrypt that it joined the xStocks Alliance, a group of exchanges, networks, and decentralized finance protocols setting standards for on-chain assets, to avoid fragmenting liquidity across multiple token standards and chains.