Swiss-based Digital Assets AG, a firm focused on the design of tokenized stock infrastructure, has launched over 50 tokenized stocks on the Solana public blockchain. The free-floating stocks are exclusively available on FTX cryptocurrency exchange and feature leading tech and traditional finance companies like Facebook, Google, Tesla and Netflix.
Fast facts:
- Stock tokenization creates access for small retail traders to buy shares or fractions of shares in the form of crypto tokens that represent the value of stock ownership in a publicly traded company. So far, DAAG’s launch has only debuted on Solana and can be purchased on Hong Kong-based FTX exchange, a backer of the public blockchain.
- “DAAG’s tokenized stock infrastructure will help facilitate a paradigm shift in the underlying market structure and we’re excited to continue working with Solana and DAAG to set the standard in this industry,” said Sam Bankman-Fried, CEO of FTX and a major Solana investor, in a press release.
- Although tokenized stocks already exist on other exchanges, they have so far been restricted to a single exchange or private blockchain and have only given users the option to open or close positions on that particular entity. As Digital Assets AG’s free-floating tokenized stocks are on Solana’s public blockchain, it means that other centralized and decentralized exchanges built on Solana will be able to add tokenized stock trading to their platforms, and users can freely transfer stocks purchased on FTX to these entities.
- According to Anatoly Yakovenko, CEO of Solana Labs, DAAG’s launch of tokenized stocks on Solana is a step toward the future of finance and creates a bridge between traditional finance with decentralization.”DAAG is primed to expand the financial technology that can be built on Solana with DeFi (decentralized finance) products ready to support these new equity tokens.”
