Galaxy Digital eyes tokenizing its own shares in SEC talks

Galaxy Digital is under discussion with the American Securities and Exchange commission on the tokenization of its own actions and potentially other actions using its internal digital asset platform.

This decision could allow the use of Galaxy actions in decentralized financial applications such as trading and loans. The company met the DRY Crypto Task Force in March to explore the recording of Galaxy’s actions on a blockchain.

“They believe in the power of token networks,” said Novogratz, noting that tokenization feels “very close” to become a reality, according to a Bloomberg report.

Start of Galaxy’s Nasdaq

Galaxy, which managed $ 7 billion in assets at the end of March, will start trading Friday, on the Nasdaq, after being listed in Canada. The list comes in the middle of the bullish feeling renewed in the cryptographic markets And increased competition between cryptocurrency companies in advertising.

Tokenization allows traditional assets to be represented as digital tokens on blockchains. These tokens can allow faster regulations, wider access and continuous exchange. Last year, Galaxy deemed a 316 -year -old Stradivarius violin to get a loan, showing the early use of technology, according to Bloomberg.

Dry has shown growing interest In space, recently hosting a tokenization round table where those responsible compared the transition to digitized assets to past transitions in media formats.

However, tokenizing actions still require regulatory executives that reconcile blockchain technology with current securities laws.

Other companies, including Coinbase and Kraken, have launched similar ideas around Tokenized titles.

Novogratz said Friday’s list marks a new chapter: “We are going to ring the bell … It’s the start and not the finish”, according to Bloomberg.