INX and Backed Broaden Tokenized Stock Options for Investors Outside the US
INX, a marketplace for security tokens and tokenized real-world assets (RWA), has announced its partnership with Backed, a renowned RWA platform, to expand its offerings for eligible non-US users. This collaboration aligns with the growing trend of digitizing financial assets and provides a wider range of trading opportunities for investors outside the US.
INX took to Twitter to share the news, stating, “We’re uploading something new on-chain. Stay tuned .” The tweet included hashtags such as #inx, #rwa, #realworldassets, #token, #tokenization, #blockchaintechnology, #onchain, and #staytuned.
One of the major developments resulting from this partnership is that eligible non-US investors can now trade tokenized versions of popular stocks such as Tesla (bTSLA), Microsoft (bMSFT), Google (bGOOGL), and GameStop (bGME). These tokenized shares have been created in compliance with European Union (EU) securities laws and are backed 1:1 by the actual stocks. They are tokenized on Polygon’s Proof-of-Stake (PoS) blockchain.
INX plans to further expand its offerings in the coming weeks by introducing the first tokenized exchange-traded fund (ETF), the S&P 500 ETF (bCSPX), as well as tokenized Apple (bAAPL) shares and BlackRock’s iShares Treasury ETF (bIB01). This expansion allows investors to trade a wide range of securities 24/7, bypassing the limitations of traditional stock market hours. Additionally, they can fund their accounts using cryptocurrency.
Shy Datika, the CEO of INX, expressed his excitement about the partnership with Backed and the addition of new tokenized stocks to their trading platform. He emphasized that this expansion is a significant step towards their mission of enabling the trading of real-world asset tokens. INX aims to list more tokenized RWA through strategic partnerships and comply with regulations to advance the accessibility and efficiency of the tokenized asset market.
Adam Levi, Co-Founder of Backed, highlighted the broader implications of this partnership, stating that by offering a wider range of tokenized assets like Microsoft, Tesla, and the S&P 500 ETF, investors have more opportunities to build their portfolios. He believes that the future of finance lies in the seamless convergence of traditional assets and digital markets on the blockchain.
Colin Butler, Global Head of Institutional Capital at Polygon Labs, emphasized the democratization of financial assets brought about by public, open-source blockchains. He praised the initiative built on Polygon PoS, as it allows individuals who previously lacked access to investment and savings vehicles to participate in the global financial system. The scalability, low-cost, and secure nature of Polygon PoS ensure accessibility for everyone on their financial journey.
With the introduction of new tokenized stocks and the expansion of offerings, INX and Backed offer numerous benefits for investors. These include fractional ownership, 24/7 trading, and enhanced security. The assets are issued under an EU prospectus and are backed by licensed custodians. Investors have control over their securities through self-custody, enabling them to hold assets directly in their own wallets.
