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FTX Follows Binance's Lead With Move Into Tokenized Stocks
Sam Bankman-Fried’s FTX will allow users to trade tokenized stocks of companies such as Facebook, Google, Netflix, Nvidia, PayPal and Tesla.
Crypto exchange FTX is following Binance’s lead in offering tokenized stocks. The stocks will run on the Solana blockchain.
STORY CONTINUES BELOW
- The tokenized stocks are available for trading now on FTX. Switzerland-based Digital Assets (DAAG) is providing the stock infrastructure.
- Earlier this year, Binance started trading tokenized versions of stockshttps://www.binance.com/en/stock-token of Tesla, Apple and Coinbase.
- FTX said buyers and sellers in permitted jurisdictions will be able to trade about 55 free-floating stocks.
- Stocks of Facebook, Google, Netflix, Nvidia, PayPal, Square and Tesla are among those available.
- “FTX is always looking to provide cutting-edge products to its users. DAAG’s tokenized stock infrastructure will help facilitate a paradigm shift in the underlying market structure and we’re excited to continue working with Solana and DAAG to set the standard in this industry,” FTX CEO Sam Bankman-Fried said.
Read more: FTX Strikes Sponsorship Deal With MLB, Umpires to Wear Crypto Exchange’s Logo
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
