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Injective Protocol enables Google, Tesla, Amazon stock trading in DeFi

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TL;DR

TL;DR Breakdown:

  • Injective Protocol has reportedly rolled out support for stock trading in collaboration with Terra and Band Protocol.
  • Some of the listed stocks include Google, Amazon, etc., with more to be supported later. 

The Binance-backed decentralized derivatives trading platform, Injective Protocol, is bringing equity trading to the decentralized finance (DeFi). According to reports on Monday, the protocol has enabled trading support for popular stocks such as Tesla, Amazon, etc., through its derivatives exchange. To achieve this, Injective partnered with Band Protocol and Terra. 

It intends to roll out more support for other popularly-traded company shares in the future.

Injective Protocol begins tokenized stock trading

According to reports, the tokenized stocks of Google, Airbnb, Tesla, and Amazon can now be traded in a decentralized environment with Injective Protocol. The development comes as part of the protocol’s objective to enable a streamlined medium for people to access stocks from major companies, while still trading them with less to no cost. The CEO of the exchange, Eric Chen, precisely noted in the report:

“Investing in stocks still remains inaccessible for billions of people worldwide while the existing platforms act as gatekeepers and suffer from technical challenges. Injective helps to seamlessly rectify these salient issues to allow anyone to trade stocks with zero fees.”

Injective Protocol mentioned that the partnership with Band Protocol would provide the oracle technology needed for the decentralized price data feed. Additionally, the DeFi exchange intends to support 24hours stock trading on its platform, following the collaboration with Terra, a payment company to provide “historical price data from outside traditional market hours.” The protocol’s team plans to support more stocks as time proceeds.

Crypto exchanges embrace stock trading

Earlier in December, a digital currency exchange, Bittrex announced that it is supporting tokenized stock trading on its platform, following a collaboration with a Switzerland-based tokenization platform, DigitalAssets.AG. As Cryptopolitan reported, the exchange rolled out support for Facebook, Google, Amazon, Tesla, Alibaba, Netflix, and others.

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Ibiam Wayas

Ibiam is an optimistic crypto journalist. Five years from now, he sees himself establishing a unique crypto media outlet that will breach the gap between the crypto world and the general public. He loves to associate with like-minded individuals and collaborate with them on similar projects. He spends much of his time honing his writing and critical thinking skills.

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