Switzerland-based token issuer Digital Assets AG, or DAAG, has officially launched its stock-tokenization infrastructure on the Solana blockchain, offering users of the FTX trading platform a novel way for accessing traditional equity markets.\u00a0<\/p>\n
During the initial rollout, FTX users who have completed Know Your Customer documentation will have access to 55 free-floating stocks, available 24 hours a day, 365 days a year, Digital Assets AG announced Thursday. That means users in permitted jurisdictions will be able to buy, sell and withdraw the assets at any time. <\/p>\n
Free-floating stocks are assets that have received regulatory approval to trade on tokenized platforms. As DAAG explained, they represent the number of shares of a given asset excluding locked-in shares, such as those held by company executives. <\/p>\n
The tokenized stock offerings are valid in the European Economic Area, or EEA, through a prospectus endorsed by Liechtenstein\u2019s Financial Market Authority, DAAG said. <\/p>\n
DAAG executive Brandon Williams explained his firm\u2019s rationale for launching on Solana:<\/p>\n
\u201cThe move from operating on a private blockchain to operating on Solana will offer a much more efficient, and cost-effective environment for the trading and utilization of tokenized stocks […] We envision the entirety of traditional finance and capital markets being able to operate on the blockchain and Solana was the obvious choice.\u201d <\/p><\/blockquote>\n
Meanwhile, FTX already offers tokenized stock trading. As Cointelegraph reported, FTX debuted the Coinbase pre-IPO contract on the eve of the company\u2019s public listing in April. <\/p>\n
Sam Bankman-Fried, founder and CEO of FTX, said, \u201cDAAG\u2019s tokenized stock infrastructure will help facilitate a paradigm shift in the underlying market structure\u2026\u201d<\/p>\n