INX and Backed expand tokenized stock offerings on Polygon
The post INX and Backed expand tokenized stock offerings on Polygon appeared on BitcoinEthereumNews.com.
INX and Backed have expanded their tokenized stock trading services, adding new listings on the Polygon blockchain for non-U.S. investors. This expansion includes new listings of Tesla (bTSLA), Microsoft (bMSFT), Google (bGOOGL), and GameStop (bGME) on the INX platform. According to a press release shared with crypto.news, each Polygon (MATIC) blockchain digital token is backed one-to-one by its real-world counterpart. Tokenized stocks are digital versions of real-world stocks that exist on a blockchain, allowing users to trade traditional financial assets as if they were crypto. Upcoming tokenized ETFs In two weeks, INX will launch its first tokenized ETF, the S&P 500 ETF (bCSPX), alongside tokenized Apple (bAAPL) and BlackRock’s iShares Treasury (bIB01) ETF. These assets, created under European Union securities laws, provide non-U.S. investors the chance to trade popular stocks and ETFs using blockchain technology, according to the release. Tokenized assets are backed by real stocks held by a licensed custodian, ensuring that their value is directly tied to the traditional market. The use of blockchain means that transactions can occur 24/7, unlike standard stock market hours, offering more flexibility for investors. These assets can also be traded in smaller fractions, making it easier for individuals with limited funds to participate. INX’s CEO, Shy Datika, emphasized that this step furthers the company’s mission to provide broader access to real-world asset tokens. “This expansion is another step forward in our mission to enable the trading of real-world asset tokens. We aim to list additional tokenized RWA through other strategic partnerships regulations. We remain committed to advancing the accessibility and efficiency of the tokenized asset market, pushing the boundaries of global finance.” Shy Datika Source: https://crypto.news/inx-and-backed-expand-tokenized-stock-offerings-on-polygon/
Filed under: News - @ September 23, 2024 2:28 pm