- Backed Finance launches xBridge, enabling cross-chain movement of tokenized stocks.
- xBridge maintains accuracy of stock splits, dividends, and corporate actions during transfers.
- xStocks are tokens backed 1:1 by actual stocks or ETFs and reflect real-world equity changes on blockchain.
- The bridge operates between Ethereum and Solana using ChainLink’s Cross-Chain Interoperability Protocol (CCIP).
- Kraken recently acquired Backed Finance, with plans to expand xBridge support to other blockchains.
Backed Finance announced the launch of xBridge, a cross-chain bridge designed to move tokenized stocks between blockchains while preserving stock splits, dividends, and other corporate events. The new technology was introduced at the Solana Breakpoint conference and developed in partnership with Chainlink.
The xBridge system enables tokenized stocks, named xStocks, to transfer seamlessly between Ethereum and Solana networks. These tokens are backed 1:1 by real-world stocks or ETFs and replicate their behavior on-chain, including adjustments for stock splits and dividend payments. The bridge leverages Chainlink’s Cross-Chain Interoperability Protocol (CCIP) to maintain token integrity across blockchain transfers.
On Ethereum, token balances adjust via an updatable multiplier, while Solana uses Token2022 with automatic rebasing to reflect equity events. This mechanism ensures that changes such as dividends or stock splits are accurately tracked even after tokens move between chains.
Currently, Backed Finance offers xStocks on multiple cryptocurrency trading platforms, including centralized exchanges. Following Kraken’s acquisition of Backed Finance earlier this month, the bridge has entered live pilot mode. Plans are underway to extend xBridge compatibility by integrating additional blockchains like Mantle and Tron in the coming weeks.
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