US-based Alpaca, a crypto brokerage infrastructure company, said on July 16 it raised US$135 million in an equity round led by Peak XV to expand the infrastructure that lets exchanges and tokenization platforms offer US stocks on-chain.

Elefund, BNP Paribas’ Opera Tech Ventures, and Unbound also participated.

The raise follows a US$150 million series D in January that valued Alpaca at US$1.15 billion.

Debt financing, mainly from Kraken parent Payward and BMO, brought the total funding package to US$435 million.

Alpaca said it is registered with the US Securities and Exchange Commission, a member of the Financial Industry Regulatory Authority and the Depository Trust & Clearing Corporation, and a self-clearing broker-dealer.

Tokenization on its network is handled by a third party.

The company said its infrastructure clears or holds in custody about 94% of tokenized US equities.

More than US$1.5 billion in underlying stocks back the tokenized equities held through its platform.

Chainalysis, citing rwa.xyz, said tokenized real-world assets are approaching US$30 billion overall, while on-chain stocks remain below US$1 billion.

The market is drawing larger exchanges. Kraken’s xStocks cover more than 100 companies, but are only available to non-US retail clients in select countries.

🔗 Source: CoinDesk

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