Replace (June 23, 2025 at 10:02 PM UTC): This text has been up to date to state that Backed created the xStocks platform.
DeFi Development Corp., a Solana treasury firm previously referred to as Janover, introduced plans to tokenize its shares by a partnership with crypto trade Kraken.
In accordance to a Monday announcement, the corporate will use xStocks, a tokenization platform created by Backed, to convey its shares onchain. Kraken announced a partnership with xStocks in Could, promising to provide buyers tokenized shares of US-listed corporations corresponding to Apple, Tesla and Nvidia to customers in different areas. The platform is constructed on the Solana blockchain.
“We view the tokenization of our inventory as a DeFi Lego block, one which builders and establishments can construct on prime of,” Joseph Onorati, CEO of DeFi Development Company, mentioned in a press release.
DeFi Development has joined different publicly traded corporations actively stacking Solana. In April, the Nasdaq-listed Upexi announced a raise of $100 million, with over 90% allotted for SOL purchases. In Canada, Sol Methods has stockpiled Solana regardless of reporting a $3.5 million income loss for Q2 2025.
DeFi Development’s share worth rose greater than 3% through the early hours of the Nasdaq buying and selling session earlier than paring beneficial properties. On the time of this writing, the inventory is up 0.6% on the day, buying and selling at $25.03.
Asset tokenization includes issuing conventional monetary devices, corresponding to shares, as tokens on a blockchain. These tokens could be fractionalized, letting buyers personal a portion of an asset. They can be transferred peer-to-peer and traded at any time on blockchain protocols.
A gaggle of former Kraken executives took over Janover in April and rebranded it DeFi Development Corp., with a renewed give attention to Solana. For the reason that takeover, the corporate has made an $11.5 million SOL buy and has sought an additional $1 billion in capital to improve its holdings.
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Shares tokenization nonetheless uncommon
According to RWA.xyz, the tokenization of shares stays a small phase in contrast to different belongings. Of the overall real-world asset (RWA) market cap of $24.3 billion, tokenized shares make up simply $365 million or 1.5%.
Kraken isn’t the one firm planning to provide tokenized shares to non-US buyers. In Could, a report revealed that Robinhood is building a blockchain network to provide buying and selling of US securities to European buyers.
In 2021, Binance hinted at an identical initiative however in the end halted the plans due to regulatory challenges in a number of nations.
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