Crypto exchange Bitrue has partnered with Backed Finance’s xStocks platform to introduce tokenized stock trading, allowing users in eligible regions to gain exposure to major tech companies. This new initiative, unveiled recently, will initially feature six tokenized stocks: AAPLX (Apple), CRCLX (Circle), MSTRX (MicroStrategy), NVDAX (NVIDIA), SPYX (S&P 500 ETF), and TSLAX (Tesla).
These assets will be accessible via Bitrue Alpha, the exchange’s fast-track listing feature designed for early trading access, with successful assets potentially moving to the main spot trading platform. While more tokens are planned for rollout, it’s crucial to note that these tokenized stocks do not confer ownership, dividends, or shareholder rights and are not registered securities. Access is restricted for residents in the US, UK, EU, and other designated regions.
Backed Finance’s xStocks platform offers blockchain-based representations of traditional US stocks and ETFs, designed for seamless integration into DeFi protocols. This allows them to be used as collateral for lending, borrowing, and other crypto applications. The tokenization of equities provides benefits such as 24/7 trading and more direct, cost-effective access compared to conventional brokerages. Trades can be executed instantly with USDT, eliminating the need for intermediary brokers or extra fees, as these tokens are backed by real-world assets with blockchain transparency.
Adam O’Neill, Bitrue’s Chief Marketing Officer, emphasized that this offering aims to democratize access to traditional finance, providing smaller investors with new opportunities to diversify portfolios and potentially earn real-world returns.
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