The developers of the Wallet, integrated into Telegram, have announced a partnership with Kraken and Backed, which will enable emerging markets to trade tokenized US stocks through integration with xStocks. This was reported to ForkLog by representatives of the team.
According to Lucidity Insights, 2.8 billion people today are underbanked, and another 1.5 billion lack access to basic financial services entirely. The launch of over 60 tokenized versions of real stocks and ETFs in the popular messenger aims to bridge this gap.
The product list includes Apple (AAPLx), Tesla (TSLAx), TON Strategy Co (TONx), SP500 (SPYx), among others.
“We are breaking down traditional financial barriers and giving millions of people their first real chance to enter the global financial arena,” said Andrey Rogozov, founder and CEO of The Open Platform (TOP).
For each purchase order, Backed, the issuer of xStocks assets, acquires the underlying asset before issuing the corresponding token on the blockchain, ensuring a 1:1 backing of the stocks.
Since the launch of xStocks, the total transaction volume on centralised and decentralised exchanges has exceeded $4.5 billion.
The new “Stocks and ETFs” section will begin operations in October in the custodial Crypto Wallet. In the coming months, there are plans to expand to the non-custodial TON Wallet.
Back in March, TOP developers updated the Wallet, adding Trade and Earn sections.