- Users on FTX can soon buy tokenized stocks for US-based brands.
- These brands include Facebook, Google, Netflix, Nvidia, and Tesla.
- The DAAG is moving 55 security tokens to the Solana network.
Exciting news for traders as Hong Kong-based crypto exchange — FTX, announces its plan to allow trading in US-based tokenized stocks. Users on the platform will soon be able to invest in tokenized stocks of many big-name brands.
To name a few, Facebook, Google, Netflix, Nvidia, and Tesla will all join FTX’s roster as tokenized stocks. Earlier on, other exchanges made this move too. Specifically, Binance and Bittrex both allow trades in tokenized stocks.
Moreover, about 55 other free-floating security tokens, with an expected collateral of around $100 million, are out thanks to Swiss-based firm — Digital Assets AG (DAAG).
All of these tokens will soon be relocated from their private blockchain to the Solana network. This move will offer a more seamless and affordable option for all parties.
Brandon Williams, DAAG’s corporate development lead, says a settlement of any stock trade shouldn’t take more than a couple of days. He also says, a company should not spend millions to get listed on its national exchange.
Thus, this move to shift the assets onto Solana means that the stocks will not only be accessible on FTX but will also be available for trading across all future exchanges built on Solana’s network.
All in all, it is a big deal for foreign traders to gain access to trades in big-name brands via tokenized stocks. Stocks have always been easy to buy for Americans but not so much for others. Now, with this option, the ability to invest in stocks is no longer a hurdle.