Kraken and Backed selected Solana as the initial blockchain for xStocks based on its unmatched performance, low latency and thriving global developer ecosystem

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According to Kraken, the exchange and Backed chose Solana as the first chain for xStocks because of its "unmatched performance, low latency and thriving global ecosystem."

Kraken said that stocks will be represented on Solana using SPL tokens, a token standard mirroring ERC-20 tokens on Ethereum.