Cryptocurrency exchanges Kraken and Bybit, and a DeFi platform based on Solana, can now trade over 60 tokenized stocks. These assets are designed to allow indirect investment in stocks listed on physical exchanges through blockchain technology, providing investors with a new opportunity to connect traditional financial markets and the cryptocurrency ecosystem.
Backed Finance, which provides tokenized financial services, announced on the 24th through an official release the launch of its new tokenized stock product 'xStocks'. With this launch, over 60 stocks such as Netflix ($NFLX), Meta ($META), Robinhood ($HOOD), Coinbase ($COIN), Amazon ($AMZN), NVIDIA ($NVDA), McDonald's ($MCD), Apple ($AAPL), Tesla ($TSLA), and Microsoft ($MSFT) will be circulated on the blockchain.
xStocks allows investors to hold tokens linked to each company's stock value through cryptocurrency wallets, enabling immediate access to global assets without complex intermediary procedures. Notably, many listed companies are blue-chip tech stocks or companies directly related to the cryptocurrency market, making it possible to create a portfolio familiar to digital asset investors.
Backed Finance stated that "xStocks not only expands DeFi investors' understanding of the traditional stock market but also enables access to global assets without regulatory and trading time constraints". This structure is suitable for the 24-hour trading cryptocurrency ecosystem and supports responding to asset price changes even outside regular stock market hours.
The industry evaluates this launch as a signal of tokenized asset market expansion. As an attempt to break down the boundaries between traditional stocks and digital assets, more and more institutions and projects are participating in this financial experiment. Experts are cautiously predicting the possibility of tokenized assets' integration into the institutional financial system along with future regulatory framework improvements.
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