Real-world asset tokenization firm Backed Finance is launching its tokenized stock offering on major crypto exchanges, and Solana-based decentralized finance (DeFi) protocols, bringing equities like Apple, Amazon, and Microsoft and crypto-native platforms closer. The offering includes some 60 equity and ETF tokens that are available for trading around-the-clock, the company said on Monday.
Crypto exchanges Bybit and Kraken are first to allow trading with the tokens, followed by integrations with DeFi apps Kamino Swap, Raydium and Jupiter later in the day, the press release said. The tokens will soon be available as collateral for DeFi lending, too, Backed said.
The move comes as momentum grows for bringing traditional financial instruments including equities onto blockchain rails, also known as tokenization of real-world assets. Crypto exchanges, such as Coinbase and Gemini, are seeking to expand into tokenized securities trading, while Robinhood was reportedly working on offering tokenized U.S. stocks for EU users.
Backed’s rollout fits into that trend. The firm is orchestrated the xStocks Alliance, a group of exchanges and DeFi apps committed to building an open onchain market for real-world assets. “xStocks represent a monumental leap forward in democratizing access to financial markets,” Adam Levi, co-founder of Backed, said in a statement.
“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,” Levi said.
NFT platform Candy Digital has announced plans to migrate its digital collectibles ecosystem to the Solana blockchain, signaling…
The U.S. military has confirmed it is actively running a Bitcoin node as part of national security research, while…
The Web3 gaming sector is facing a harsh reality check as new data reveals that more…
Justin Sun, founder of TRON, has filed a federal lawsuit against World Liberty Financial, a crypto venture…
Tether has frozen approximately $344 million in USDT on the Tron blockchain after the wallets were flagged by U.S. authorities, marking…
Prediction market platform Kalshi has fined and suspended three U.S. congressional candidates after determining they engaged in “political…