Digital Assets launches Solana-based tokenized stocks on FTX

Jun 24, 2021 | The Block News | 0 comments

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Digital Assets AG, a Switzerland-based firm that tokenizes financial instruments, has launched its tokenized stocks on the Solana blockchain. The firm, which powers tokenized stock trading for crypto exchanges Binance, FTX, and Bittrex Global, previously used a private blockchain.

The Solana-based offering, however, will be exclusively available for FTX users for now. FTX and Solana are closely linked; FTX’s sister company Alameda Research is an investor in Solana, and FTX also operates its own decentralized exchange called Serum on the Solana blockchain.

“The move from operating on a private blockchain to operating on Solana will offer a much more efficient, and cost-effective environment for the trading and utilization of tokenized stocks,” said Brandon Williams, corporate development lead at Digital Assets. “We envision the entirety of traditional finance and capital markets being able to operate on the blockchain.” Solana, seen as a competitor to Ethereum, is faster and cheaper than Ethereum for executing transactions.

To start with, FTX will offer 24/7 trading in 55 Solana-based tokenized stocks, including Facebook, Google, and Tesla. Tokenized stocks are blockchain-based assets that represent the shares of publicly traded companies.

Centralized and decentralized exchanges built on Solana will also be now able to add tokenized stock trading to their platforms via Digital Assets.

© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

News Source from TheBlockCrypto.com

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