Tokenized stocks for 55 firms are being brought to Solana by Digital Assets AG. Crypto exchange FTX will be the first platform to allow trading for users who successfully complete the KYC process. Solana will house tokenized equities for firms like Facebook, Apple, Google, Netflix, Nvidia, PayPal, Square, and Tesla.
The 55 tokenized stocks will be listed on the Layer 1 blockchain network by Digital Assets AG (DAAG). The Swiss firm sells free-floating shares on exchanges including Binance and FTX, as well as on private blockchains. The publicly issued supply of such shares is represented by free-floating tokens, which are regulated assets.
FTX exchange will test trading DAAG stock tokens on Solana. To trade the tokens, users must complete the exchange’s KYC procedure and reside in one of the authorized jurisdictions. The platform is a strong advocate for Solana as a platform for next-generation DeFi applications.
Sam Bankman-Fried, who also owns Alameda Research, a trading firm that has funded numerous startups in the blockchain ecosystem, runs the exchange. Commenting on the launch, Bankman-Fried said:
“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.”
Meanwhile, Anatoly Yakovenko, CEO of Solana Labs, added that DAAG was “primed to expand the financial technology that can be built on Solana, with DeFi products ready to support these new equity tokens.”
Tokenized Equities get an Upgrade
Tokenized equities are not a new concept in the cryptocurrency industry. Multiple stocks and commodities tokens can be traded on FTX, Binance, and Bittrex Global, however, the tokens are not transferrable across platforms. The launch of the DAAG stock will enable transfers to the secondary market, other apps, other Solana addresses, or programs, therefore enabling access to DeFi applications.
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