Alchemy Pay and Backed Partner to Bring Tokenized Stocks and ETFs to the Masses
Alchemy Pay, a leading fiat-crypto payment gateway, has recently teamed up with equity tokenization firm Backed to launch tokenized stocks and ETFs on its RWA platform. This partnership will allow users from over 170 countries outside the U.S. to invest in top global equities and ETFs using their local fiat currencies.
Backed issues xStocks as tokens pegged 1:1 to real-world assets, offering a wide range of tokenized stocks and ETFs to investors. Some of the popular stocks included in their offering are SPY, Apple, NVIDIA, Tesla, Meta, and Google. On the ETF front, investors can access funds such as the S&P 500 (bCSPX) and short-term U.S. Treasury bonds (bIB01).
Ailona Tsik, CMO at Alchemy Pay, expressed excitement about the partnership, stating, “Together with Backed, we’re making it possible for regular people to access leading global stocks and ETFs, breaking down the legacy walls that have kept too many people out.”
Adam Levi, co-founder of Backed, also shared his enthusiasm for the integration, calling it a significant step towards establishing xStocks as the industry standard for on-chain equities. The xStocks Alliance, a collaboration of crypto exchanges and trading platforms, is focused on integrating Backed’s xStocks and ETFs. Early backers of the alliance include Kraken and the Solana Foundation.
Kraken recently announced plans to launch xStocks on the Solana blockchain in partnership with Backed and the Solana Foundation, further solidifying the importance of tokenized stocks and ETFs in the digital asset space. With this partnership, Alchemy Pay and Backed are paving the way for broader accessibility to traditional financial assets through the world of cryptocurrency.