Backpack and Superstate Join Hands To Launch Tokenized Stocks
In a landmark collaboration that is set to shake up the world of finance, Backpack, a leading crypto exchange, has joined forces with Superstate, a pioneering blockchain finance startup founded by Robert Leshner, to bring tokenized stocks to its platform.
This groundbreaking collaboration marks a significant step forward in the convergence of traditional finance and blockchain technology, enabling non-US users to trade tokenized shares of public companies on-chain with unprecedented security and transparency. By leveraging Superstate’s innovative Opening Bell platform, Backpack is poised to become a trailblazer in the crypto space, offering users a novel way to engage with traditional assets in a decentralised environment.
Backpack Superstate Partnership: Key Details
Crypto exchange Backpack and tokenization infrastructure firm Superstate have entered into a strategic collaboration to launch natively tokenized public equities to centralised trading. The specifics on the tokenized stocks available at launch remain under wraps, with more details to be announced in the coming weeks.
According to recent reports, Backpack integrates Superstate’s Opening Bell platform, enabling non-US clients to buy, sell, and margin trade tokenized versions of actual stocks, complete with dividend rights and voting privileges equivalent to their traditional counterparts. Notably, these tokenized stocks are not synthetic alternatives, but rather direct representations of the underlying equities. Superstate CEO Robert Leshner stated,
“Through Opening Bell, the same stock that trades on Nasdaq or NYSE can move to crypto-native platforms like Backpack. For traders, that means more assets to buy, sell, and use as collateral — with better margin opportunities than traditional markets. For issuers, it expands reach to millions of crypto-native investors, connecting them directly with modern capital markets infrastructure.”
Recently, GMEX Group announced the launch of DIF (Digital Investment Fund), as a PCC (Protected Cell Company), in collaboration with DPN (Digital Partners Network). The move has reportedly led to the launch of the first regulated tokenized hybrid investment fund.
What is Special About Superstate Tokenized Equities?
This deal marks a significant milestone, as the tokenized stocks offered through this collaboration are not synthetic or wrapped products, but rather SEC-registered equities that exist directly on-chain, conferring ownership rights, potential dividend payments, and voting privileges to holders. This differs from those on Kraken, which are custodial wrappers tracking real equities without direct shareholder rights or onchain registration.
Significantly, the market for tokenized equities is dominated by synthetic issuers. Companies like Robinhood and Kraken’s partner Backed Finance, along with Ondo Finance, lead the charge, accounting for an estimated 95% of the market, according to Animoca Brands. These synthetic products, primarily based on Ethereum, track major US tech shares and ETFs.
It is noteworthy that the partnership coincides with a surge in tokenization of financial instruments, including equity shares, bonds, and funds, across crypto markets. Recently, several platforms such as Robinhood, Gemini, Ondo Finance’s Global Markets, and Kraken’s xStocks, have launched tokenized equity offerings, featuring tokenized versions of prominent publicly-traded companies and ETFs.
However, Superstate takes a different approach, issuing tokens that represent actual company issuers rather than synthetic versions. Notably, their offerings have included shares of prominent crypto industry players, such as Galaxy and SharpLink.
Commenting on this significant development, Backpack CEO Armani Ferrante noted, “The future of finance is the future of crypto, and bringing Superstate assets to Backpack brings us one step closer to our vision of becoming a primary financial services provider for crypto native generations.” He added, “By listing real tokenized stocks alongside crypto, we’re giving users more markets, more opportunities, and more assets so that they can trade on one platform seamlessly.”
