Digital Assets AG Introduces Free-Floating Tokenized Stocks On Solana Blockchain

Asset Tokenization firm Digital Assets AG (DAAG) has expanded its tokenized stock services into the Solana blockchain.

Solana-based Tokenized Stocks To Debut On FTX

The firm announced that the new Solana-based offering would now be available for users on the crypto exchange FTX.

Users in permitted jurisdictions will be able to buy, sell and withdraw the 55 Solana-based tokenized stocks 24 hours a day. Popular stocks that would be traded include Facebook, Google, Netflix, Nvidia, PayPal, and Tesla.

It is not surprising that DAAG chose FTX to launch its Solana-based tokens. The exchange and Solana already have a partnership.

FTX operates its decentralized exchange (DEX) called Serum on the Solana blockchain. In addition, the sister company of the Bitcoin exchange, Alameda Research is also an investor in Solana.

The newly launched assets described by DAAG as free-floating security tokens are regulated and approved to trade on tokenized platforms. With this move, centralized and decentralized exchanges built on Solana will be able to add tokenized stock trading to their platforms.

Prior to now, the firm used a private blockchain which only gave users the option to open or close positions. Also, there were restrictions as users could not make withdrawals, or initiate cross-chain transfers.

DAAG already operates tokenized stock trading on crypto exchanges like Binance and Bittrex Global. Binance launched the trading of tokenized versions of stocks on its platform in April in collaboration with DAAG and German-Swiss CM-Equity AG. Brandon Williams, corporate development lead at Digital Assets said,

“The move from operating on a private blockchain to operating on Solana will offer a much more efficient, and cost-effective environment for the trading and utilization of tokenized stocks. We envision the entirety of traditional finance and capital markets being able to operate on the blockchain.”

Digital Assets AG is a Swiss-based firm focused on the design, structure, and issuance of tokenized financial instruments. The firm drives innovation in capital markets and builds bridges between traditional finance and Defi. It has a host of partners such as FTX, Bittrex, and many others.

Solana: The Ethereum Killer

Solana is an advanced open-source blockchain project focused on providing a highly scalable, secure, and maximally decentralized platform.

It is seen as a major competitor to Ethereum because it processes transactions at a higher speed and at lower costs.

The firm has received huge support from investors, venture capitalists, and other market participants recently.

Early this month, the firm raised $314 million from several investors to accelerate the development of its blockchain. The investors included notables like Andreessen Horowitz, Polychain Capital, and others.

According to the firm, the investment would be used to develop the Solana blockchain.

Get Daily Headlines

Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

What to Know More?

Join Our Telegram Group to Receive Live Updates on The Latest Blockchain & Crypto News From Your Favorite Projects

Join Our Telegram

Stay Up to Date!

Join us on Twitter to Get The Latest Trading Signals, Blockchain News, and Daily Communication with Crypto Users!

Join Our Twitter

Add comment

E-mail is already registered on the site. Please use the Login form or enter another.

You entered an incorrect username or password

Sorry, you must be logged in to post a comment.
Bitcoin Exchange Guide