Backed Finance Launches 60 Tokenized Stocks on Crypto Exchanges

Backed Finance has launched its tokenized stock offerings on major crypto exchanges and Solana-based decentralized finance (DeFi) protocols, marking a significant step in the tokenization of real-world assets. This initiative, part of the xStocks Alliance, includes token versions of 60 stocks and ETFs, such as Apple, Microsoft, and Core S&P 500, making them available for trading around-the-clock during weekdays.

Crypto exchanges Bybit and Kraken are the first to allow trading with these tokens, with integrations with DeFi apps Kamino Swap, Raydium, and Jupiter to follow later in the day. The tokens will also soon be available as collateral for DeFi lending, according to Backed Finance. This move aligns with the growing trend of bringing traditional financial instruments, including equities, onto blockchain rails, a process known as tokenization of real-world assets.

Other crypto exchanges, such as Coinbase and Gemini, are also seeking to expand into tokenized securities trading. This trend is part of a broader effort to integrate traditional finance with decentralized finance, creating a more open and inclusive global financial system. The xStocks Alliance, orchestrated by Backed Finance, is a group of exchanges and DeFi apps committed to building an open on-chain market for real-world assets.

Adam Levi, co-founder of Backed Finance, emphasized the significance of this development. "xStocks represent a monumental leap forward in democratizing access to financial markets," Levi said. "By bringing familiar assets onto the blockchain with unprecedented accessibility, we are not just bridging traditional finance and DeFi; we are building the foundational blocks for a truly open, efficient, and inclusive global financial system where everyone can participate in wealth creation."