Cryptocurrency exchange Bybit has announced the listing of tokenized stocks and ETFs called xStocks on its platform. This event marks an important step towards integrating traditional and digital finance.
What are xStocks?
xStocks is a new series of tokenized financial instruments representing over 60 U.S.-listed equities and ETFs, such as Apple, Tesla, and NVIDIA. These assets are issued by Backed and are pegged 1:1 to their real-world counterparts.
Benefits of Tokenized Assets
With xStocks, users can: * Trade tokenized stocks and ETFs directly on the Bybit Spot platform. * Enjoy fractional ownership, lowering barriers to entry. * Benefit from on-chain liquidity and access to global markets. * Trade 24/7, unbound by traditional market hours.
Comments from Bybit and Backed Leaders
Emily Bao, Head of Spot at Bybit, noted: "We are committed to bringing the best of both traditional and digital finance to our global community. Listing tokenized equities and ETFs provides users with greater choice and flexibility." Adam Levi, co-founder of Backed, added: "Integrating with Bybit puts tokenized equities into the hands of millions of new users and is a significant step toward building a more open financial system."
The listing of xStocks on Bybit showcases the exchange's ambitions to integrate traditional financial instruments into the blockchain ecosystem, providing users with new trading opportunities.
