Facebook, Amazon, Netflix, and Google Stocks Now Available in DeFi
The Binance-backed exchange has added decentralized stock trading for Big Tech mainstays Facebook, Amazon, Netflix and Google. The update is the result of a partnership with Terra and Band Protocol.
Key Takeaways
- Layer 2 DEX Injective is launching stock trading, starting with Facebook, Amazon, Netflix and Google.
- The move is enabled by a partnership with Terra and Band Protocol.
- The equities will be sold via USDT with zero gas fees.
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Injective Protocol is launching stock trading. Facebook, Amazon, Netflix, and Google will be the first equities listed on the decentralized exchange.
More Synthetic Stocks Come to Crypto
Injective, the high-speed layer 2 derivatives trading exchange built with Cosmos SDK, is adding traditional equities on Thursday.
Initially, they’ll enable trading for Facebook, Amazon, Netflix, and Google, with more to be added at a later date. This collection of stocks is colloquially referred to as FANG and has earned investors some of the largest returns as of late.
The team is partnering with Terra and Band Protocol for the move, with Terra offering stock tokenization and Band feeding price data via their oracle technology.
Injective Protocol’s CEO Eric Chen announced the news today:
“Investing in stocks still remains inaccessible for billions of people worldwide while the existing platforms act as gatekeepers and suffer from technical challenges. Injective helps to seamlessly rectify these salient issues to allow anyone to trade stocks with zero fees.”
The update is the first product offering of its kind on a decentralized exchange.
While the leading exchange FTX has placed focus on pushing the industry forward, this month listing Airbnb ahead of Nasdaq, stocks have never been widely available within DeFi. Injective is listing the stocks on its Injective Solstice V2 network, and they’ll be available to buy in USDT.
Injective is also offering the equities with zero gas fees. Usually, equities traders are subject to high fees, often through market maker rebates.
This development suggests DeFi is far from over and continues to make strides, incorporating more features from traditional financial markets.
Disclosure: At the time of writing, the author of this feature owned ETH, among a number of other cryptocurrencies. One or more members of Crypto Briefing’s management team owns INJ. The company (Decentral Media Inc.) owns INJ.
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