2021-6-25 18:19 |
Asset Tokenization firm Digital Assets AG (DAAG) has expanded its tokenized stock services into the Solana blockchain.
Solana-based Tokenized Stocks To Debut On FTXThe firm announced that the new Solana-based offering would now be available for users on the crypto exchange FTX.
Users in permitted jurisdictions will be able to buy, sell and withdraw the 55 Solana-based tokenized stocks 24 hours a day. Popular stocks that would be traded include Facebook, Google, Netflix, Nvidia, PayPal, and Tesla.
It is not surprising that DAAG chose FTX to launch its Solana-based tokens. The exchange and Solana already have a partnership.
FTX operates its decentralized exchange (DEX) called Serum on the Solana blockchain. In addition, the sister company of the Bitcoin exchange, Alameda Research is also an investor in Solana.
The newly launched assets described by DAAG as free-floating security tokens are regulated and approved to trade on tokenized platforms. With this move, centralized and decentralized exchanges built on Solana will be able to add tokenized stock trading to their platforms.
Prior to now, the firm used a private blockchain which only gave users the option to open or close positions. Also, there were restrictions as users could not make withdrawals, or initiate cross-chain transfers.
DAAG already operates tokenized stock trading on crypto exchanges like Binance and Bittrex Global. Binance launched the trading of tokenized versions of stocks on its platform in April in collaboration with DAAG and German-Swiss CM-Equity AG. Brandon Williams, corporate development lead at Digital Assets said,
“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. We envision the entirety of traditional finance and capital markets being able to operate on the blockchain.”
Digital Assets AG is a Swiss-based firm focused on the design, structure, and issuance of tokenized financial instruments. The firm drives innovation in capital markets and builds bridges between traditional finance and Defi. It has a host of partners such as FTX, Bittrex, and many others.
Solana: The Ethereum KillerSolana is an advanced open-source blockchain project focused on providing a highly scalable, secure, and maximally decentralized platform.
It is seen as a major competitor to Ethereum because it processes transactions at a higher speed and at lower costs.
The firm has received huge support from investors, venture capitalists, and other market participants recently.
Early this month, the firm raised $314 million from several investors to accelerate the development of its blockchain. The investors included notables like Andreessen Horowitz, Polychain Capital, and others.
According to the firm, the investment would be used to develop the Solana blockchain.
The post Digital Assets AG Introduces Free-Floating Tokenized Stocks On Solana Blockchain first appeared on BitcoinExchangeGuide.Similar to Notcoin - Blum - Airdrops In 2024
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