Coinbase To Launch 1:1-Backed Tokenized SPCX, NVDA, GOOG, MSTR, BMNR Stocks

Crypto exchange Coinbase has announced plans to launch tokenized stocks, which would offer exposure to U.S. companies such as SpaceX, Nvidia, Google, Strategy, and Bitmine. This marks the latest move from the Exchange as part of its plan to become the ‘Everything Exchange.’

Coinbase To Launch 1:1 Backed Tokenized Stocks

In an X post, the crypto exchange announced the imminent launch of “the first real 1:1-backed” tokenized stocks on its platform. The Exchange noted that this will give users an opportunity to own actual tokenized shares of U.S. companies.

Furthermore, users will be able to trade, hold, and redeem these tokenized shares onchain and will also automatically receive dividends. Coinbase also noted that these tokenized shares are not derivatives or IOUs.

This forms part of the ‘Everything Exchange’ push as the Exchange looks to diversify beyond crypto trading, with the Exchange also offering prediction markets. As CoinGape earlier reported, Coinbase had set June 16 for the next phase of this vision.

The Exchange also teased more upcoming product announcements, which it plans to make today at 3 PM E.T. Coinbase’s move also comes amid the tokenization wave, with crypto firms moving to offer traditional assets on-chain.

The tokenization wave was on full display as crypto exchanges moved to offer tokenized shares during the SpaceX IPO last week. However, crypto exchanges such as Binance and Bybit had to cancel their SpaceX IPO campaigns as the tokenization platform xStocks failed to deliver the underlying SPCX shares.

‘First Of Its Kind’ Offering

Coinbase CEO Brian Armstrong reiterated that the tokenized stock offering was the first of its kind. “For the first time, these are real 1:1 backed tokenized stocks you can trust. You own an actual chunk of the company onchain,” he said.

The CEO of the top crypto exchange noted that the other current solutions were some form of derivative or IOU, rather than real ownership. “Our product will give all the benefits of true ownership, with all the benefits of tokenized assets. This is a great step towards unlocking global access to U.S. markets,” Armstrong added.

Meanwhile, the Coinbase stock is down amid the announcement of the launch of these tokenized stocks. COIN is currently trading at around $169, down less than 1%, according to TradingView data. However, the stock is up over 8% in the last five days.

Source: TradingView; COIN daily chart