Backed Finance Launches Tokenized Stock Offering on Bybit and Kraken
Backed Finance is launching a tokenized stock offering on major crypto exchanges, integrating traditional equities such as Apple, Amazon, and Microsoft with decentralized finance (DeFi) protocols based on Solana.
The key points include:
- Launch of 60 equity and ETF tokens for round-the-clock trading.
- Initial trading available on Bybit and Kraken, with DeFi integrations on Kamino Swap, Raydium, and Jupiter.
- Tokens will be usable as collateral for DeFi lending.
- Growing trend towards tokenizing traditional financial instruments, with other exchanges like Coinbase and Gemini also seeking to enter this space.
- Backed Finance leads the xStocks Alliance, promoting an open on-chain market for real-world assets.
The initiative aims to enhance accessibility to financial markets, bridging traditional finance and DeFi. Adam Levi, co-founder of Backed, stated that it builds foundational blocks for an inclusive global financial system.