The crypto-derivatives exchange FTX announced the start of trading tokenized shares of 60 leading companies, including Facebook, Google, Netflix, and Tesla.
This marks the first step for the industry toward decentralizing tokenized stocks and we could not be
more excited to finally share this with the world!Learn more about this here: https://t.co/oPCQHHQvhL
— Digital Assets AG (@AssetsAG) June 24, 2021
Trading operates 24/7/365 with instant settlements and no counterparty risk.
The Switzerland-based firm offered FTX a regulatory-compliant, API-driven and scalable platform for tokenizing shares.
Digital Assets AG explained that the securities prospectus was approved by Liechtenstein’s Financial Market Authority. For this reason, the tokens are legitimate in the European Economic Area.
“We are changing the paradigm and setting new standards in the industry”, said FTX CEO Sam Bankman-Fried in an interview with CoinDesk.
According to the blog, the shares are tokenized on the Solana blockchain. In the future the service will enable withdrawals as well as cross-chain or external transfers.
Solana-based decentralized exchanges and centralized platforms will be able to list these instruments.
In October 2020, FTX launched trading of tokenized securities Apple, Tesla and Amazon in partnership with CM-Equity.
Earlier in April, the cryptocurrency exchange Binance announced the listing of tokenized shares.
BaFin warned investors about possible violations of securities laws by the platform. The regulator said that there were no necessary prospectuses. Similar allegations were raised against Binance were raised FCA, according to the Financial Times.
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