Galaxy Digital, led by Mike Novogratz, launched a crypto platform with Superstate on Solana, enabling tokenization of GLXY shares, a first for Nasdaq-listed companies.
This initiative bridges traditional equities with blockchain technology, potentially transforming market access and setting new compliance standards, targeting Robinhood and Kraken users.
Galaxy Digital’s Inaugural Onchain Equity Tokenization on Solana
Galaxy Digital, in partnership with Superstate, has introduced a platform allowing tokenization of its SEC-registered public shares (GLXY) on Solana. This marks the first instance of direct onchain equity tokenization by a Nasdaq-listed company.
Mike Novogratz, CEO of Galaxy, and Robert Leshner, CEO of Superstate, led the initiative. The move aims to bridge traditional equities with advanced blockchain technology, offering new market access opportunities. Their goal is to rival platforms like Robinhood and Kraken.
Real-time Shareholder Updates and Regulatory Compliance
The platform enables real-time updates on shareholder lists when tokens change hands. This could lead to enhanced efficiency and improved access for investors. Compliance with U.S. securities regulations is ensured with the SEC-registered equity structure.
The introduction of tokenized GLXY shares may set a precedent for the integration of financial markets into cryptocurrency ecosystems. The move reinforces the transparency and composability promised by blockchain technology, potentially influencing future developments in the capital markets.
First Direct Issuer Tokenization Overcomes Legal Hurdles
Previous attempts at tokenized equities often used indirect methods, raising legal concerns. This marks the first direct issuer involvement for SEC-registered shares on a public blockchain. The innovation addresses past challenges with regulatory compliance.
Kanalcoin experts highlight how this advancement in tokenization sets a new standard for the industry. The alignment with regulatory frameworks showcases a progressive shift in market access, potentially driving more institutions to explore blockchain-based solutions.
“We’re proud to be working with Superstate to help lay the groundwork for an onchain capital market that bridges traditional equities with next-generation infrastructure. Our goal is a tokenized equity that brings the best of crypto—transparency, programmability, and composability—into the traditional world. And we’re taking part in building a model that can scale, not just for Galaxy, but for the market more broadly.” – Mike Novogratz, Founder & CEO, Galaxy Digital Source
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