DeFi Progress Corp. Pioneers Tokenized Equity on Blockchain
DeFi Development Corp. is making history by bringing its Nasdaq-listed stock onto the blockchain. This move makes it the first U.S. public company to tokenize its equity under a crypto treasury strategy. The news was announced on June 24, highlighting a collaboration with Kraken and Backed.
The tokenized stock, named DFDVx, will be listed on xStocks, a new platform by Backed. xStocks,developed with Kraken and Solana,allows 24/7 trading of tokenized equities. It will sit alongside tech giants like Apple and Tesla.
Joseph Onorati, CEO of DeFi Development, sees this as a important step. “Tokenizing our stock is like adding a new piece to the DeFi puzzle,” he said. “It opens doors for integrating equity with decentralized finance.”
This launch will enable developers and institutions to use tokenized equity in various DeFi activities, such as lending and yield farming. it could reshape capital markets and DeFi integration.
DeFi Development, formerly Janover Inc., rebranded in April.The company now focuses on accumulating and staking Solana (SOL). It holds over 600,000 SOL and operates Solana validator infrastructure. The company’s stock has risen over 500% as April,currently trading at $24.70.
DFDVx is set to launch in the coming weeks. It aims to bridge public equity and onchain finance, offering new opportunities for investors worldwide.
Kraken’s xStocks aims to make U.S. stocks more accessible globally, boosting investor participation and liquidity. The move comes as demand for real-world assets on Solana grows. The tokenized stock will likely attract more investors and enhance market liquidity.
Key points include:
- DFDVx will be listed on xStocks, a platform for 24/7 trading.
- The company has a $5 billion equity line for treasury expansion.
- It plans a possible Nasdaq dual listing for its U.S. subsidiary.
By tokenizing its stock, DeFi Development is at the forefront of merging traditional finance with blockchain technology.
