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- Bybit partners with Backed Finance to bring tokenized stocks.
- Mantle blockchain offers smoother access to tokenized equities.
- xStocks platform revolutionizes trading of tokenized real-world assets.
Bybit, a leading cryptocurrency exchange, has announced a strategic partnership with Backed Finance to bring tokenized stocks to the Mantle blockchain. The partnership will provide traders with the option to buy and sell tokenized stocks of iconic corporations, including Nvidia, Apple, and Microsoft. This step is part of ongoing efforts to expand blockchain-based trading and offer traditional equities online.
The companies will focus on increasing liquidity and simplifying the user experience by enabling easy withdrawals and deposits between Bybit and Mantle, thereby making tokenized stocks more accessible.
The xStocks platform of Backed Finance plays a crucial role in developing this. The protocol has already drawn the interest of large exchanges, such as Kraken, as well as protocols in decentralized finance, including Kamino, Raydium, and Jupiter. It provides investors with the opportunity to trade token representations of equities 24/7, offering exposure to conventional stocks while capitalizing on the advantages of blockchain technology.
The xStocks platform has already handled more than $ 1.6 billion in transaction volume on-chain, and its popularity is rising, along with the trend of growing demand for tokenized assets.
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Exploring New Opportunities for Tokenized Equities
Such cooperation represents a significant step toward implementing Real World Assets (RWAs) within the blockchain ecosystem. It is considered one of the central elements of the digital asset market’s future, and some professionals expect the market to reach the trillions of dollars.
Through a partnership between xStocks, Mantle of Backed, and Bybit, as well as Backed Finance, a seamless asset transfer is enabled between the two applications, allowing users to easily and safely trade tokenized shares.
This move by Mantle to become a ZK rollup towards the end of last year only emphasizes the fact that it has continued to serve as a gateway to blockchain-based financial services. The scalability of the network and emphasis on supplying on-chain liquidity to both the traditional finance and decentralized finance industries make the network an appealing place to innovate in the tokenized asset market.
Millions of users will have the opportunity to trade in well-known apps and wallets with tokenized equities as they become more accessible. The collaboration between Bybit and Backed Finance marks a significant step in the evolution of the blockchain-based financial ecosystem, as it offers investors new opportunities to engage with digital assets.
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