Defi Dev Corp is tokenizing its DFDV stock on Solana, tapping Kraken to collaborate in the rollout. The launch is the first tokenized US-listed crypto treasury stock, merging equity ownership and on-chain finance.
DeFi Dev Corp Taps Kraken For Stock Tokenization
DeFi Development Corp. has announced a partnership with Kraken to tokenize its DFDV stock on Solana. According to a press release, the Solana treasury company will see the tokenized version of its stock on Kraken’s xStocks platform.
Back in May, Kraken unveiled the xStocks platform to offer a tokenized version of US equities to non-US investors. Flowing from the latest announcement, DeFi Dev Corp stock will list on xStocks as DFDVx, joining an exclusive list of companies embracing tokenization.
DFDVx will join stocks of Apple, Tesla, and Nvidia on Kraken’s Solana-based xStocks platform. Defi Dev Corp is the only tokenized public company that is actively accumulating SOL in the cohort. In early June, DeFi Dev Corp secured $5B via an equity line to continue its Solana accumulation spree.
“By putting DFDVx onchain, we will unlock the next phase of innovation,” said DeFi Corp CEO Joseph Onorati. “We’re ready to explore new use cases that merge equity ownership with on-chain finance.”
The tokenized version of the DFDV stock will allow protocols and developers to offer a suite of new products to consumers. Right off the bat, institutions will be able to integrate tradfi with tokenized equity, broadening access to the asset class.
RWA On Solana Booms
Interest in real-world assets on Solana is booming to new all-time highs, with institutions flocking to the blockchain. Apart from Kraken, Securitize has extended its RWA offerings on the network, joining Ondo Finance and Robinhood.
The firms are turning to Solana for its range of functionalities despite its memecoin blockchain tag. The network is courting institutional attention, famously emerging as a preferred blockchain for Wyoming’s stablecoin bid.
Furthermore, Solana treasury companies like DeFi Dev Corp. and Sol Strategies are laying the blueprint for new entrants in the space.
ETF interest in Solana has also surged to a new high, with approval odds climbing to 95% in recent polls. Amid the surge in institutional interest, Solana memecoin activity has fallen, putting SOL’s price at risk of a decline.
