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FTX Follows Binance's Lead With Move Into Tokenized Stocks
Sam Bankman-Fried’s FTX will allow users to trade tokenized stocks of companies such as Facebook, Google, Netflix, Nvidia, PayPal and Tesla.
Updated Dec 11, 2022, 2:02 p.m. Published Jun 24, 2021, 1:11 p.m.
Crypto exchange FTX is following Binance’s lead in offering tokenized stocks. The stocks will run on the Solana blockchain.
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- 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 stockshttps://www.binance.com/en/stock-token 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.
Read more: FTX Strikes Sponsorship Deal With MLB, Umpires to Wear Crypto Exchange’s Logo
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The crypto exchange also took note of a so-called AI bubble that continues to go strong and a weaker U.S. dollar.
What to know:
- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
- The firm's optimism is driven by rising odds of Federal Reserve rate cuts, with markets pricing in a 93% chance easing next week, and improving liquidity conditions.
- Several recent institutional developments, including Vanguard's crypto ETF policy reversal and Bank of America's greenlighting of crypto allocations, have contributed to bitcoin's rebound from recent lows.
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