Google, Facebook, and Tesla crypto tokens are launching on crypto exchange FTX – Business Insider India

Google, Facebook, and Tesla crypto tokens are launching on crypto exchange FTX – Business Insider India

  • Swiss-based company Digital Asset AG (DAAG) is launching crypto tokens through the crypto exchange FTX.
  • Around 55 free-floating security tokens will be up for trading including those of Tesla, Google, Facebook and Netflix.
  • These tokens can be moved between any exchange that is built on the Solana blockchain.

Hong Kong-based FTX exchange is following Binance and Bittrex’s lead by allowing its users to trade in US-based tokenised stocks — including Google, Facebook, Tesla, Netflix and Nvidia.

Around 55 such free-floating security tokens — with underlying collateral of $100 million — have been launched by Swiss-based company Digital Assets AG (DAAG), which specialises in digital financial instruments.

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DAAG’s tokenized stocks will be moved from a private blockchain to Solana, which the company claims will be more efficient and cost effective.

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“There is no reason the settlement of a stock trade should take two days or a company going public should have to spend tens of millions of dollars to get listed on a national exchange.”

DAAG’s corporate development lead Brandon Williams said in a statement

This means that even though these stocks are only available on FTX for now, they can be traded with any exchanges that are built on the Solana blockchain in the future, like the decentralised exchange Serum.

And, FTX is no stranger to tokenised stock trade. It debuted Coinbase’s pre-IPO
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