What You Should Know:
- Backed Finance is introducing tokenized stock offerings on prominent crypto exchanges and DeFi platforms built on Solana.
- This launch aims to showcase token versions of 60 different stocks and ETFs, including industry giants like Apple and Microsoft.
- This initiative is part of a larger trend focusing on the tokenization of real-world assets on blockchain technology.
Real-world asset tokenization firm Backed Finance is set to commence its tokenized stock offerings on leading crypto exchanges, including Bybit and Kraken, as well as on decentralized finance (DeFi) platforms based on Solana. This move aims to bridge traditional equities like Apple and Amazon with blockchain-native applications.
The offerings will accommodate approximately 60 tokens representing equities and ETFs, promising 24/7 trading opportunities, according to the company’s announcement this Monday.
Tokenized Stocks Image
As per the press release, Bybit and Kraken will be the first to facilitate trading with these tokens, with plans for integration with DeFi applications such as Kamino Swap and Raydium subsequently. Backed further expressed intentions to use these tokens as collateral for DeFi lending soon.
This launch is consistent with the growing movement to integrate traditional financial products, including stocks, into the blockchain ecosystem, referred to as the tokenization of real-world assets. Other major exchanges like Coinbase and Gemini are also vying to foray into offering tokenized securities trading, while Robinhood is reportedly working on introducing tokenized U.S. stocks for European clients.
Adam Levi, co-founder of Backed, emphasized: “xStocks represent a monumental leap forward in democratizing access to financial markets. By bringing familiar assets onto the blockchain with unprecedented accessibility, we are not just bridging traditional finance and DeFi; we are building the foundational blocks for a truly open, efficient, and inclusive global financial system where everyone can participate in wealth creation.”
