Backed Finance Debuts Tokenized Stocks on Bybit, Kraken and Solana DeFi Protocols
Backed Finance is pioneering a new era in financial accessibility by launching its tokenized stock offering on major cryptocurrency exchanges and Solana-based decentralized finance (DeFi) protocols. This groundbreaking initiative brings popular equities like Apple, Amazon, and Microsoft, alongside crypto-native platforms, closer to a broader investor base.
The offering encompasses approximately 60 equity and ETF tokens, enabling round-the-clock trading. Bybit and Kraken are leading the charge, providing immediate access to these tokens on their platforms. Further expansion is planned, with integrations into DeFi applications Kamino Swap, Raydium, and Jupiter anticipated shortly. The utility of these tokens will soon extend to serving as collateral for DeFi lending, enhancing their versatility and utility within the DeFi ecosystem.
This launch signifies a significant step towards bridging the gap between traditional finance and decentralized finance. The growing momentum behind tokenizing real-world assets is evident in the actions of major players. Coinbase and Gemini are actively pursuing the expansion of their services into the tokenized securities market, mirroring Robinhood’s reported efforts to offer tokenized U.S. stocks to EU users.
Backed Finance is actively shaping this landscape by orchestrating the xStocks Alliance, a collaborative initiative uniting exchanges and DeFi applications committed to establishing an open, on-chain marketplace for real-world assets. The alliance aims to create an inclusive, efficient, and accessible financial ecosystem.
Adam Levi, co-founder of Backed, underscores the transformative nature of xStocks, highlighting their potential to democratize access to financial markets. By seamlessly integrating familiar assets onto the blockchain, Backed is not only bridging the traditional finance and DeFi divide, but is also laying the groundwork for a genuinely open and inclusive global financial system. This system, Levi envisions, will empower individuals worldwide to participate actively in wealth creation. The introduction of xStocks marks a pivotal moment in the evolution of finance, promising a more equitable and accessible future for all.
