Backpack, a cryptocurrency exchange with strong ties to the Solana ecosystem, has teamed up with Superstate, a blockchain finance startup founded by Compound creator Robert Leshner, to integrate SEC-registered U.S. equities into its trading platform. This collaboration embeds Superstate's Opening Bell platform into Backpack, allowing non-U.S. users to trade tokenized shares of listed American companies directly on the Solana blockchain.
These offerings are real equities, not synthetic or wrapped versions, and carry the same rights as traditional stocks under U.S. securities law, each with a valid CUSIP identifier matching counterparts on Nasdaq or the New York Stock Exchange. Backpack claims it will be the first centralized crypto exchange to list issuer-backed, SEC-registered equities natively on blockchain rails, enabling onchain traders to hold genuine equity stakes verifiable in traditional registries.
Robert Leshner emphasized in a statement, "For traders, that means more assets to buy, sell and use as collateral — with better margin opportunities than traditional markets. For issuers, it expands reach to millions of crypto-native investors, connecting them directly with modern capital markets infrastructure." The integration supports Superstate's approach of bringing regulated securities to blockchain environments through a registered transfer agent.
Supported companies and the rollout schedule will be announced in the coming weeks, beginning with limited markets before expanding to additional listings after regulatory clearance and infrastructure readiness. This initiative contrasts with platforms like Kraken's xStocks, which offer custodial wrappers without direct shareholder rights, and aligns with a broader trend of tokenizing traditional financial instruments by firms like Robinhood and Gemini.
Backpack, founded by developer Armani Ferrante, has expanded from its Solana roots to centralized finance, including acquiring FTX's European arm and launching regulated venues in Dubai and Cyprus. The move toward tokenized assets comes as exchanges seek new revenue streams amid lower crypto trading volumes, offering blockchain settlement without sacrificing exposure to regulated securities.
