Kraken-backed xStocks have gone live on 360X, giving
Deutsche Börse Group clients access to tokenized versions of major equities on
a regulated secondary trading venue. The move is the first major product
milestone under the partnership that Kraken and Deutsche Börse Group announced
in December.
According to the company, participants on 360X can trade five
xStocks instruments, CRCLx, GOOGLx, NVDAx, SPYx and TSLAx, against
stablecoins. The venue operates under BaFin and ESMA oversight and plans to
expand the range of xStocks over time.
The listing broadens institutional access to the
xStocks standard and aims to support further growth in trading volumes and
unique holders.
Track Established Equity and ETF Markets
xStocks launched last year and have reportedly generated
nearly 20 billion dollars in total trading volume since then. Each token is
backed one-to-one by the underlying equity or ETF, which a licensed custodian
holds in a bankruptcy-remote structure.
The instruments are designed to combine on-chain
settlement features with safeguards familiar to institutional investors and can
operate across centralized and decentralized environments.
Mark Greenberg, Global Head of Consumer and Vice
President of Product for xStocks, highlighted that the demand has come from investors who want
digital instruments that track established markets.
“The rapid adoption of xStocks reflects strong global
demand for digitally native instruments that provide exposure to established
financial markets,” said Greenberg. “Integrating with a leading distribution
channel like 360X means Deutsche Börse Group clients can now access one of the
most liquid ecosystems for tokenized financial instruments.”
Aiming for Round-the-Clock Trading
He added that integration with 360X gives Deutsche
Börse Group clients access to a liquid ecosystem for tokenized financial
instruments and enables round-the-clock trading with instant settlement.
Carlo Kölzer, CEO of 360T and 360X and Global Head of
FX & Digital Assets at Deutsche Börse Group, said the xStocks listing is a
significant milestone for 360X. He described it as a core element of the
group’s partnership with Kraken and a foundation for institutional trading of
tokenized securities as digital assets and traditional markets converge.
The partnership between Kraken and Deutsche Börse
Group spans foreign exchange, custody, settlement and tokenized assets. The
firms aim to combine regulated market infrastructure with crypto-native
capabilities for institutional clients. xStocks on 360X are not available to
U.S. clients.
This article was written by Jared Kirui at www.financemagnates.com.
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