DeFi Development Corp., a Solana treasury company, announced plans to tokenize its shares in partnership with the crypto exchange Kraken.
Plans for Share Tokenization
DeFi Development Corp. announced plans to utilize Kraken's xStocks platform for tokenizing its shares. CEO Joseph Onorati stated, "We view the tokenization of our stock as a DeFi Lego block, one that developers and institutions can build on top of."
Market for Tokenized Stocks
Asset tokenization involves issuing traditional financial instruments such as stocks as tokens on a blockchain. According to RWA.xyz, tokenized stocks make up only 1.5% of the total real-world asset market cap of $24.3 billion.
Stock Performance of the Company
During the early hours of the Nasdaq trading session, DeFi Development Corp.'s shares rose more than 3%, before paring gains. At the time of writing, the stock is trading at $25.03.
The share tokenization initiative by DeFi Development Corp. merges traditional financial markets with DeFi technologies, potentially increasing interest in tokenized assets.
