Ondo Finance has the support of ABN Amro, Franklin Templeton, Wellington Management, BlackRock and Morgan Stanley.
Ondo Finance, a maker of blockchain-based financial infrastructure offerings, unveiled a tokenization platform, dubbed Ondo Global Markets, for publicly-traded securities, and Ondo Chain, a new Layer 1 blockchain for “institutional-grade, on-chain financial markets,” officials say.
The offerings to come were announced on Feb. 6 at the Ondo Summit in New York City, which also included endorsements from Franklin Templeton, Wellington Management, WisdomTree, Google Cloud, ABN Amro, Aon, and McKinsey for the Ondo Ecosystem, officials say. They will also provide design advice for Ondo Chain. Early supporters of Ondo Finance include BlackRock, PayPal, and Morgan Stanley.
The Ondo Global Markets platform “will enable investors outside the U.S. to gain on-chain exposure to thousands of U.S. publicly traded securities, including stocks, ETFs, and mutual funds,” according to the announcement.
“These tokens will be accessible 24/7 and are designed to have the same liquidity as the underlying security. Investors will be able to borrow against their token holdings on terms comparable to those in traditional financial markets. At launch, Global Markets will offer tokenized exposure to many of the most widely traded stocks such as Apple and Tesla, and a variety of popular ETFs and mutual funds from leading asset managers such as Fidelity and BlackRock,” officials say. “Ondo Global Markets itself will be powered by Ondo Chain.”
Ondo Finance will permit validators who will be responsible for confirming transactions. “In addition to confirming blockchain transactions, these validators will also help ensure that other data important to well-functioning financial markets — such as asset prices and proof that tokens are adequately backed by their underlying assets — are accurate and up-to-date,” officials say.
“Other key features include the ability to stake tokenized real-world assets to ensure network security and native omnichain bridging, allowing tokenized assets to move seamlessly between Ondo Chain and other supported chains,” officials add.
Ondo Global Markets and Ondo Chain will be launching later this year, an Ondo spokesperson tells FTF News.
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