Superstate partners with Backpack to offer SEC-registered equities onchain
Blockchain startup Superstate and Backpack, a wallet and crypto exchange platform, have teamed up as they seek to bring real stocks on-chain.
- Backpack and Superstate announce launch of support for real stocks onchain.
- The companies will use the Superstate Opening Bell platform to bring SEC-registered stocks to Solana.
- Unlike xStocks, the offer is for real shares of U.S.-listed companies such as NVIDIA, Tesla and others.
Superstate said it is joining forces with Backpack to add Securities and Exchange Commission-registered U.S. equities to the crypto trading platform, making Backpack the first centralized exchange to offer native on-chain stocks.
The integration will embed Superstate’s Opening Bell platform into the Solana (SOL) wallet and CEX, allowing non-U.S. investors to trade tokenized real shares of U.S.-listed public companies on the blockchain.
“Superstate has partnered with Backpack as the first centralized crypto exchange to support native onchain equities. Eligible non-US investors will soon be able to trade real, SEC-registered public company shares (not wrappers) alongside crypto and stablecoins,” the Superstate team wrote on X.
Real stocks on Solana via Backpack
Crypto exchanges such as Kraken offer tokenized stocks via xStocks. However, these assets are not real stocks but custodial wrappers that allow the holder to track real equities.
In this case, xStocks do not offer direct shareholder rights to investors.
Superstate’s offer, on the other hand, promises SEC-registered equities that will go live natively on-chain. Launched assets will confer direct ownership in the stocks for investors, with aspects such as dividends and voting rights available.
This means that investors can now access the same stocks currently listed on major stock trading platforms such as Nasdaq or the New York Stock Exchange. These stocks will be available to eligible users, who will be able to buy and sell the shares 24/7 on crypto exchanges.
When is the launch?
Superstate and Backpack plan to announce the first group of supported stocks in due course. However, Galaxy Digital partnered with Superstate in early September to bring its GLXY stock onto the Solana blockchain via Superstate’s Opening Bell platform.
As with others set to launch on-chain, the available Galaxy shares are not derivatives or synthetic tokens, but actual GLXY Class A Common Stock. The stocks offer all the rights and benefits investors get with traditional shares.
