PANews reported on June 30 that according to the official announcement, Bybit announced today that it has reached a strategic cooperation with Backed to launch xStocks tokenized US stocks and ETF products on its spot platform. The first assets COINX and NVDAX will be launched on Bybit spot at 2 pm UTC today. This move marks an important step for Bybit in connecting traditional finance with digital finance. Users can now enjoy 24/7 all-weather trading, fractional share investment, on-chain liquidity, and investment experience that transcends the time limits of traditional markets, further realizing the seamless connection between traditional finance and decentralized finance.

xStocks was launched by Backed, a Swiss financial instrument issuer. In this cooperation, Bybit will launch ten new U.S. stock tokenized flagship assets, including top stocks AAPLX, GOOGLX, AMZNX, NVDAX, TSLAX, METAX, MCDX, CRCLX, HOODX and COINX. These tokenized assets support Ethereum (ERC-20) and Solana (SPL) standards, and are all linked to actual stocks at a 1:1 ratio.

This launch is the result of the cooperation between Bybit and Swiss company Backed. Combined with the Bybit TradFi product line, Bybit users can trade gold, foreign exchange, stock CFDs, indices and commodities on the same platform, achieving a seamless connection between traditional finance and decentralized finance.