FTX exchange, together with Digital Assets AG, leads the launch of tokenized stocks in Solana
The FTX exchange, together with Digital Assets AG, is spearheading the launch of tokenized stocks in Solana.
Digital Assets AG, a Switzerland-based firm that tokenizes financial instruments, is launching tokenized stocks on the Solana blockchain. The firm that powers tokenized stock trading for crypto exchanges Binance , FTX and Bittrex Global previously used a private blockchain.
However, the Solana-based offer will only be available to 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.
Brandon Williams, head of enterprise development at Digital Assets, said, “The transition from working on a private blockchain to working on Solana will offer a much more efficient and cost-effective environment for trading and using tokenized stocks. We envision all of the traditional financial and capital markets that can run on blockchain.”
Seen as a competitor to Ethereum, Solana is faster and cheaper to run transactions than Ethereum.
To begin 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 shares of publicly traded companies .
Centralized and decentralized exchanges built on Solana will also now be able to add trading of tokenized stocks to their platforms via Digital Assets.