Crypto exchange FTX is following Binance’s lead in offering tokenized stocks. The stocks will run on the Solana blockchain.
- 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 stocks 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.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.