Kraken Backs DFDV to Tokenize Shares on Solana via xStocks

• DFDV will tokenize its shares on Solana through xStocks, integrating them into the DeFi ecosystem for 24/7 utility.
• Kraken supports DFDVx as a flagship tokenized asset while relocating its global HQ to crypto-friendly Wyoming.

DeFi Development Corp (DFDV), a US public company that has been quite close to the crypto world from the start, has now decided to go further. Their shares will be tokenized on the Solana blockchain.

The token will be called DFDVx and will be available via the xStocks platform, a collaboration between Kraken and the Solana Foundation. DFDV is the first of its kind—a public company with a crypto-based treasury strategy that offers its shares directly in token form.

DFDVx itself is not just a digital replica of shares. This token is designed to be integrated into various DeFi applications. Just imagine, someone can lend, exchange, or combine these tokens in various DeFi products.

All of this happens without having to wait for the exchange’s opening hours. In the eyes of developers, DFDVx is considered a “lego block” that can be used as a foundation for building more complex financial tools. At least that’s what DFDV CEO Joseph Onorati said directly.

Kraken Embraces DFDVx Amid Rising Demand for Tokenized Stocks

On the other hand, Kraken’s decision to join this project did not just come out of nowhere. Val Gui, General Manager of xStocks at Kraken, noted that demand for US stocks from the crypto community has been huge. He said:

“As part of the xStocks alliance, we have seen incredible demand for access to US equities; the crypto community is excited for onchain access to crypto treasury strategy companies like DFDV. We’ve seen tremendous enthusiasm from the community to access companies like DFDV on-chain.”

The move comes on the heels of Kraken’s global headquarters relocating to Wyoming, a US state known for being more open to digital assets. That’s no small feat, considering that many other states are tightening regulations. Wyoming is giving projects like xStocks some breathing room to grow without having to worry about excessive legal hurdles.

Furthermore, Kraken is also starting to introduce another feature that further solidifies the company’s direction: users can now stake native BTC through Babylon without the need for wrapping, bridging, or lending. It all happens directly on the Bitcoin network.

Rewards are paid in BABY tokens, with a seven-day unbonding period and no need for cross-chain. This feature is not only cool, but also relevant to the transparency and efficiency trends that the market is looking for.

Back to DFDV, they are not new to adopting Solana. Their treasury funds are mostly stored in SOL. They even run their own validators and stake directly on the network. For investors, this can be like buying shares of a public company while at the same time providing direct exposure to crypto assets. Double, but still one door.

If a system like xStocks really works smoothly and demand continues to grow, it is not impossible that in the next few years, stock tokenization will become the main entry point to the world of blockchain-based finance.