Alchemy Pay to Launch Tokenized ETFs and Stocks via Backed Partnership

• Ailona Tsik states that in collaboration with Backed, we are making it possible for normal people to access leading global stocks.
• The target of this product is to fill the gap for users residing outside of the United States

Alchemy Pay, a crypto payments provider, is spreading its wings into real-world assets through a new collaboration with a tokenization company, Backed, the firm revealed on June 12

The payments provider has planned to introduce 55 tokenized US exchange-traded funds (ETFs) and stocks on its RWA platform through the collaboration of Backed’s xStocks. The launch will permit direct fiat-to-RWA transactions with an aim on areas having restricted access to US investment products

The Chief Marketing Officer of Alchemy Pay, Ailona Tsik, states that in collaboration with Backed, we are making it possible for normal people to access leading global stocks and ETFs, smashing the legacy walls that have kept a lot of people out

Backed also offers tokenized stocks and ETFs to the prominent exchange Kraken. The to-be-launched RWA platform will be accessible in areas where the platform backs fiat on-ramps and where xStocks are not banned

Excluding highly sanctioned areas such as Iran, North Korea, and Syria, the list of countries where xStocks are banned includes the United States, making RWAs of Alchemy Pay unavailable to the natives of the United States

Filling The Gap

Tsik further mentioned the reality and stated that the US users so far have comparatively seamless access to traditional holdings such as stocks and ETFs via well-set-up brokerage platforms

The target of this product is to fill the gap for users residing outside of the United States, mainly in areas where direct access to such assets has so far been restricted or not available

It is speculated that the RWA platform of Alchemy Pay will be live in August, having the product so far available in prototype form via a dedicated portal. A US-based exchange, Kraken, also announced plans to launch RWA, offering collaboration with Backed in May

As of now, Backed issues assets on Solana, the same blockchain used for the upcoming tokenized RWA platform of Kraken. Alchemy Pay revealed that it has a target to amalgamate more chains over time

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