BNB Chain Integrates xStocks Despite Controversy Around Founders

About a week ago, some disturbing news about the founders of the stocks tokenization platform, xStocks, came to light. Regardless of the findings, most leading crypto firms and protocols have not refrained from partnering with xStocks.

One of the latest crypto protocols to partner with xStocks is the BNB Chain, owned by the world’s largest crypto exchange, Binance. A blog post by the crypto exchange Kraken revealed that BNB Chain has joined the rapidly growing xStocks Alliance, as the blockchain seeks to accelerate on-chain access to tokenized U.S. equities.

BNB Chain Integrates xStocks

The strategic partnership between xStocks’ founding company, Backed, and the BNB Chain will enable users to deposit and withdraw tokenized stocks on Kraken via the crypto protocol. Backed will also deploy the tokenized equities on BNB Chain as BEP-20 tokens, providing users with easy access.

These equities include the stocks of leading U.S. public companies, such as Apple, Tesla, Nvidia, and Strategy. xStocks has integrated these stocks, as well as over 55 more, on Kraken and Solana, and its decentralized finance (DeFi) applications. The platform aims to democratize investing by offering 24/7 access to U.S. markets.

“Tokenizing real-world assets on BNB Chain is a meaningful step in making global finance more accessible and transparent. Our collaboration with Kraken and Backed reflects BNB Chain’s commitment to bringing high-quality financial instruments on-chain and connecting traditional markets with decentralized finance for users around the world,” stated BNB Chain’s head of business development, Sarah S.

More Firms Join The Bandwagon

According to Kraken, xStocks selected BNB Chain for the alliance due to the network’s high performance, large capacity, and low transaction fees. It believes the protocol offers a strong foundation for the growing tokenized asset landscape with its active Web3 communities and roughly $10 billion in total value locked.

Backed’s co-founder, Adam Levi, said: “Our goal is to bring traditional finance onto blockchain rails – not just by improving access, but by enabling true composability. Integrated into DeFi, tokenized equities will surpass the scale and utility of stablecoins. With BNB Chain’s global reach and deep liquidity, it’s a natural partner for advancing that vision.”

Besides the BNB Chain, other platforms, including the crypto exchanges Bitget, Jupiter, Bybit, and Gate.io, as well as wallets like Phantom and OKX, have integrated xStocks. This massive adoption comes despite xStocks’ founders being tied to a project that failed in 2022 due to a lack of funding. The founders shut down their crypto startup, DAOstack, citing capital depletion, despite having raised $30 million earlier.

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