Token issuing entity from Switzerland Digital Assets AG (DAAG) has reportedly disclosed the official release of Solana blockchain-based its stock-tokenization infrastructure.
Specifically, with the new development, a gateway into traditional equity markets – 55 free-floating stocks – will be available 24/7, 365 days a year, for FTX users who have finalized Know Your Customer documentation, as revealed by Digital Assets AG.
The development reportedly also means users in jurisdictions that acquired the necessary permission will have the freedom to purchase, sell and withdraw the assets at their own time.
Free-floating stocks are reportedly assets having obtained regulatory greenlight for trading across tokenized platforms. Per DAAG explanation, they are representative of the number of shares of a given asset without locked-in shares, nominally the ones in possession of company executives.
The tokenized stock offerings will reportedly have validity in the European Economic Area (EEA) via a prospectus endorsed by Liechtenstein’s Financial Market Authority.
“The move from operating on a private blockchain to operating on Solana will offer a much more efficient, and cost-effective environment for the trading and utilization of tokenized stocks […] We envision the entirety of traditional finance and capital markets being able to operate on the blockchain and Solana was the obvious choice.” DAAG executive Brandon Williams offered clarification on the rationale for a Solana-based release.
Meanwhile, FTX already offers tokenized stock trading. The platform initially rolled out the Coinbase pre-IPO contract the same evening of its public listing in April this year.