Bitrue Launches Tokenized Stock Trading for US Equities via xStocks
Crypto exchange Bitrue has announced support for tokenized stock trading issued by Backed Finance via xStocks. This allows users in non-restricted jurisdictions to invest in some of the largest global tech brands, earning from their success, the exchange says.
According to the press release, Bitrue will initially support six tokenized stocks. These include AAPLX (Apple), CRCLX (Circle Internet Group), MSTRX (MicroStrategy), NVDAX (NVIDIA), SPYX (SPDR S&P 500 ETF Trust), and TSLAX (Tesla).
Moreover, these tokenized stocks are available via Bitrue Alpha, the exchange’s recently launched feature. It enables a fast-track for popular tokens to be listed for trading so users can “capitalize on early momentum,” the team claims. Coins that are “successful” on this feature could be listed on the spot exchange.
Users in specific territories can access this first group of tokenized stock via the Bitrue app, while the exchange plans to add tokenized stocks “at regular intervals,” it says.
However, the announcement stresses that these tokens “do not grant ownership, dividends, or shareholder rights. They are not registered securities and are not available to residents of the US, UK, EU, or other restricted jurisdictions.”
‘Future of Digital Stock Trading is Already Here’
xStock is a platform from Backed Finance, which introduces tokenized versions of popular US stocks and exchange-traded funds (ETFs). These xStocks are blockchain-based tokens that represent the value of a portfolio of traditional equities.
Backed Finance announced xStocks in late May this year. The team said the product is designed for integration into DeFi protocols. Therefore, users can utilize xStocks as collateral in lending platforms, for borrowing, or in other crypto apps.
Moreover, operating on blockchain gives these tokenized stocks several advantages over traditional stock trading, the teams say. They are available 24/7 to users outside of the US.
“The ability to hold real-world assets on-chain, trade them 24/7, and integrate with DeFi protocols marks a significant leap,” the announcement says, adding that the future of digital stock trading is “already here.”
These users can buy and sell them directly using USDT. Trades happen within seconds. There is no secondary broker account or “excess” broker fees. Finally, tokenized stocks are backed by real-world assets (RWAs), while blockchain ensures full ownership and transparency.
Per Adam O’Neill, Chief Marketing Officer at Bitrue, “we’re working to break down the barriers of traditional finance that often exclude smaller investors, and now our users have a new avenue to expand their portfolio in a manner that can deliver real returns for them.”
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