Crypto Exchange FTX Brings Tesla Apple and Amazon On Board UPDATED

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Crypto exchange FTX tokenizes Tesla, Amazon and Netflix shares
CONTENT

  • Cryptocurrency exchange will add support for tokenized shares

  • US customers will not be able to use the new functionality

  • A German financial company will be responsible for the cash flow of shares

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The emergence of traditional shares in the cryptocurrency market is part of the tokenization of the traditional segment as part of the development of the cryptoexchange

FTX cryptocurrency exchange will implement support for trading in traditional stocks. Bloomberg reports, citing an internal press release.

Crypto exchange FTX tokenizes Tesla, Amazon and Netflix shares

It is reported that the exchange will add well-known shares of companies like Apple, Tesla, Amazon, Facebook In June 2019, Facebook announced preparations for the release of the digital currency Libra. The social networking project immediately attracted attention … More, Netflix and the SPDR S Exchange Traded Fund&P 500.

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The introduction of tokenized shares was made possible by cooperation with the Swiss crypto company Digital Assets and the German financial services provider CM Equity. The addition of support for popular stocks directed institutional interest in the cryptocurrency market, which has nearly tripled since March 2020.

Simplification, but not for everyone

FTX CEO Sam Bankman-Freed said tokenized shares are aimed at investors who find it difficult or inconvenient to access shares through traditional markets.

“For many people it is difficult to get access to shares. There are ways to do this, but they seem very old and awkward. Giving people access expands trading opportunities, ”said FTX CEO.

The shares will be traded as in the case of a depositary receipt or ETF. According to Bankman-Fried, FTX itself is responsible for trading, but the German CM Equity will handle the cashing in fiat, in which the actual securities will be stored..

Crypto exchange FTX tokenizes Tesla, Amazon and Netflix shares

The US and a number of other countries will not be able to trade the new type of stock, FTX noted.

Savior of DeFi

Crypto exchange FTX is known in the cryptocurrency community as the savior of the decentralized finance project (DeFi) Decentralized finance (DeFi) is a financial services built on blockchain technology that offer users access to an open, efficient and … More) called SushiSwap from financial ruin.

Crypto exchange FTX tokenizes Tesla, Amazon and Netflix shares

In early September, the anonymous creator of the DeFi protocol, SushiSwap, handed control of the project to the head of FTX.

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The reason for the change in leadership was the outrage of the crypto community, which learned that the creator of the protocol unilaterally withdrew about $ 13 million from the SUSHI liquidity pool..

Crypto exchange FTX tokenizes Tesla, Amazon and Netflix shares

Such an ambiguous decision almost immediately collapsed the SUSHI token rate by 50% and provoked a wave of accusations of an exit scam..

On moment of writing FTX trading volumes exceed $ 1.3 billion, and the number of currency pairs reaches 90 units.

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