INX taps Backed to launch tokenized Tesla, Google, and Microsoft stocks on Polygon
Key Takeaways
- INX and Backed are adding tokenized Tesla, Microsoft, Google, and GameStop stocks to their platform.
- INX will launch its first tokenized ETF, the S&P 500 ETF, along with tokenized Apple stock in two weeks.
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INX and Backed are expanding their tokenized stock offerings on the INX platform for eligible non-US users. Following the launch of tokenized Nvidia shares, the companies are adding tokenized Tesla (bTSLA), Microsoft (bMSFT), Google (bGOOGL), and GameStop (bGME) stocks.
Moreover, INX will launch its first tokenized ETF, the S&P 500 ETF (bCSPX), along with tokenized Apple (bAAPL) and BlackRock’s iShares Treasury (bIB01) ETF in two weeks.
These assets are created under EU securities laws and tokenized on the Polygon Proof of Stake network, backed one-to-one by their corresponding underlying stocks.
“We are excited to broaden our collaboration with Backed by adding these new tokenized stocks to our trading platform. This expansion is another step forward in our mission to enable the trading of real-world asset tokens,” Shy Datika, CEO of INX, stated.
The new listings allow traders to benefit from 24/7 availability, fractional ownership, and blockchain security. Eligible investors can trade these traditional securities outside standard stock market hours and fund their accounts with crypto.
“The launch of bNVDA was just the beginning. By adding Microsoft, Tesla, S&P 500 ETF and others, we are offering investors an even wider range of tokenized assets to build their portfolios,” Adam Levi, Co-Founder of Backed, added.
Backed highlighted that holders have primary claims to the collateral value held with a licensed custodian. The blockchain defines ownership, providing enhanced security and transparency.
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Author: Gino Matos
