Backed Issues Tokenized Coinbase Stock on Base Network
- Backed introduces wbCOIN on the Base Network, expanding trading options.
- wbCOIN trades 24/7, linked to $COIN stock value.
- Access to traditional assets grows with blockchain innovation.
Backed launched tokenized Coinbase stock, wbCOIN, on the Base Network, enhancing trading opportunities for $COIN stock.
This move facilitates 24/7 decentralized trading, signaling progress in connecting traditional and digital markets. U.S. regulatory limits still apply.
Backed Unveils wbCOIN on Base for 24/7 Trading
Backed, a Swiss-based issuer, has launched the tokenized version of Coinbase’s stock, known as wbCOIN, on the Base network. This advancement allows users to trade the stock 24/7, leveraging blockchain technology.
The new token is backed 1:1 by real Coinbase stock and can be traded against $USDC. It is freely transferable and offers a legal claim to the underlying $COIN stock.
Decentralized Finance Sees Enhanced Access with wbCOIN
The introduction of wbCOIN enables increased market accessibility and facilitates the use of Coinbase stock in decentralized finance (DeFi) environments. This likely piques the interest of investors aiming for round-the-clock trading.
Despite its potential, the token’s availability is restricted due to regulatory conditions, particularly affecting U.S. investors. Backed emphasizes that they are unaffiliated with Coinbase, underscoring independent interest.
Tokenized Stocks Highlight Shift to DeFi Systems
Previously, tokenized stocks like Tesla and Apple hinted at the integration of traditional equities into the crypto sector. Such tokenizations demonstrate the growing trend towards accessible financial products.
Experts like Adam Levi, Co-Founder at Backed, highlight that tokenized stocks reflect a fundamental shift towards a decentralized financial system. The move potentially augments liquidity and fractional ownership.
As Adam Levi, Co-Founder at Backed, stated: “As financial markets evolve, tokenised stocks represent a fundamental shift in how equities are accessed, traded, and transferred. Bringing our tokenised version of $COIN onchain to Base underscores our commitment to an open, decentralised financial system.”
