Phemex Integrates Ondo's Tokenized Securities
Cryptocurrency platform Phemex has completed the full integration of Ondo Finance's tokenized securities offerings. The move allows Phemex to offer real-world assets (RWAs) on its platform, positioning it to capitalize on the growing trend of tokenizing traditional financial instruments like stocks and bonds.
- The initial launch gives Phemex's 10 million users on-chain access to 14 tokenized traditional assets, including shares of NVIDIA, Tesla, Apple, and Amazon, as well as ETFs that track the Nasdaq 100 and S&P 500. - Ondo Finance, founded in 2021, specializes in creating institutional-grade tokenized products; its offerings are backed by assets from established institutions like BlackRock. - Phemex was founded in 2019 by former Morgan Stanley executives and has grown to serve over 10 million users globally, with significant year-over-year growth in both user numbers and trading volume. - The tokenized securities are backed 1:1 by the underlying assets, which are held with licensed U.S. custodial broker-dealers, ensuring each token corresponds to a real share or ETF unit. - This move taps into the rapidly growing market for Real-World Assets (RWAs), which Boston Consulting Group projects could become a $16 trillion industry by 2030. - For Ondo, this integration is part of a broader expansion strategy that includes launching over 200 tokenized assets on other blockchains like Solana and partnering with major platforms such as Blockchain.com and Binance. - The integration allows Phemex to position itself as a hybrid platform, bridging the gap between traditional finance and decentralized finance by allowing users to trade traditional market products without leaving the crypto ecosystem.
