INX partners with Backed to introduce new tokenized stocks listings including Apple (AAPL), Tesla (bTSLA), Microsoft (bMSFT), Google (bGOOGL), and Gamestop (bGME).
INX, a digital platform that offers regulated trading platforms for digital securities and cryptocurrencies announced its partnership with Backed, a pioneer in real-world asset tokenization, to add additional tokenized stocks including Gamestop, Google, Apple, Tesla and more. The latest move follows the addition of NVIDIA stocks to INX’s platform, giving a chance for investors to buy into these stocks.
The tokenized assets are created under the EU securities laws and housed on the Polygon Proof of Stake (PoS) network, backed one-to-one by their corresponding underlying stocks, with the blockchain ledger conveying ownership.
The latest additions grow the network’s offers and expand the tokenized assets available for investors on the platform.
Speaking on the latest launch Adam Levi, Co-Founder of Backed, stated:
“The launch of bNVDA was just the beginning. By adding Microsoft, Tesla, S&P 500 ETF and others, we are offering investors an even wider range of tokenized assets to build their portfolios. We believe this is the future of finance, where traditional assets and digital markets converge seamlessly on the blockchain.”
Adding to the collaboration with Backed, Shy Datika, CEO of INX, praised the latest additions stating the new tokenized assets will expand the adoption rate of the company and take the two firms to the next level.
“This expansion is another step forward in our mission to enable the trading of real-world asset tokens,” Ditika added. “We aim to list additional tokenized RWA through other strategic partnerships regulations. We remain committed to advancing the accessibility and efficiency of the tokenized asset market, pushing the boundaries of global finance.”
Backed brings real-world assets on-chain, issuing permissionless tokens that track the value of fully collateralized real-world assets, such as stocks or ETFs. Tokens are issued under an approved EU prospectus, bridging the gap between TradFi and DeFi for institutional clients.
INX launches new tokenized ETFs
Adding to the recently tokenized stocks, INX also announced the launch of the first-ever tokenized ETF, the S&P 500 ETF (bCSPX), alongside tokenized Apple (bAAPL) and BlackRock’s iShares Treasury (bIB01) ETF. This aims to offer investors a broader market to trade and open up a new range of financial assets to be digitized, expanding opportunities for non-US eligible investors to trade a broader spectrum of traditional financial products on-chain.
Additionally, the expansion to ETFs marks a significant step towards allowing investors to invest in digitized assets as well as democratizing access to traditional financial assets, combining them with the 24/7 liquidity and accessibility of the digital asset space.
Non-US investors will be able to trade a variety of traditional securities outside the normal Monday to Friday market, allowing the investors to trade 24/7 giving them liquidity and accessibility of the digital asset space. Eligible investors will have the ability to trade a variety of traditional securities outside standard stock market hours and fund their accounts with cryptocurrency.
“At the core of public, open-source blockchains is the democratization of financial assets. This groundbreaking initiative, built on Polygon PoS, enables individuals who previously lacked access to basic investment and savings vehicles to finally participate in foundational aspects of the global financial system.” Colin Butler, Global Head of Institutional Capital at Polygon Labs, said. “With Polygon PoS as a scalable, low-cost, and secure foundation, this expansion ensures accessibility for everyone, no matter where they are on their financial journey.”
This expansion marks another significant milestone in democratizing access to traditional financial assets and merging them with the 24/7 liquidity and accessibility of the digital asset space. Non-US eligible investors will have the ability to trade a variety of traditional securities, outside of standard stock market hours, with the option to fund their accounts with cryptocurrency. Self-custodied securities continue to open new possibilities for traders, enhancing the flexibility and efficiency of their portfolios. As part of our mission to bridge traditional and on-chain finance, we are continually working to expand the range of real-world assets (RWAs) available for on-chain trading.
Disclaimer: 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.
Source: https://cryptodaily.co.uk/2024/09/inx-partners-with-backed-to-introduce-new-tokenized-stock-assets