Backpack joins race for 24/7 stock markets with tokenized equities
Backpack has launched 24/7 trading for a limited set of tokenized US equities, including SpaceX, Micron and SanDisk, for users in more than 150 countries and regions. The company says investors get direct ownership of the underlying shares, with instant settlement and funding in fiat or stablecoins. It also offers Solana-based tokenized versions that can move between wallets, be used in DeFi, and be redeemed 1:1 for the underlying shares through Backpack. Additional stocks are planned. Backpack said tokenized SpaceX shares became its most actively traded tokenized private-company asset after a June launch. The move comes amid rapid growth in tokenized equities: the market has expanded sharply over the past year, with transfer volumes and trading activity rising fast. Crypto exchanges such as Kraken, Bybit, Bitget, Coinbase and Binance, along with traditional market venues like Nasdaq, NYSE and DTCC, are also expanding tokenized stock offerings.
