BitGo Shareholders' Blockchain Journey: Ondo Finance's New Move

Ondo Finance is making a historic move just hours after the public offering of BitGo, a leading player in the crypto custody sector. Tokenized versions of BitGo shares will begin trading on the Ethereum, Solana, and BNB Chain networks, marking a new era at the intersection of traditional finance and blockchain technology.

Same-Day Tokenization of the IPO: The Industry’s First Experience

BitGo’s valuation on the New York Stock Exchange was set at $18 per share. The company’s shares, which provide institutional crypto custody and payment infrastructure, are made accessible on the blockchain through the Ondo Global Markets platform on the same day they start trading.

This move is one of the first instances of a U.S. company going public and simultaneously tokenizing its shares. With this step, Ondo Finance achieves a significant milestone in the industry and demonstrates how quickly financial assets can be integrated into the digital world.

Removing Barriers for Global Investors

On-chain versions of BitGo shares are changing the game for investors outside the U.S. Customers who lack access to traditional brokerage services can now gain exposure to BitGo directly via blockchain networks using stablecoins.

This service, offered through Ondo Global Markets, eliminates geographical restrictions. Investors can trade from their digital wallets instead of going through complex intermediary processes. This ease of access could increase global interest in institutional service providers like BitGo.

The Successful Continued Rise of Ondo Global Markets

Since September, Ondo Finance has achieved great success. The platform is launching tokenized versions of the largest U.S. stocks and ETFs. To date, the total value locked (TVL) has exceeded $466 million, with a total trading volume surpassing $6.4 billion.

Tokenization of BitGo shares marks a significant milestone for Ondo Global Markets. The company is not limited to stocks and ETFs but is also opening doors to shares of institutional crypto service providers. This diversification has the potential to expand the platform’s value proposition and user base.

Broader Context of the Crypto Market and Challenges

BitGo’s IPO occurs amid a challenging market environment. Bitcoin is trading at about 30% below its record high in October. The crypto sector has recently seen many IPO attempts fail to meet expectations.

Despite these tough conditions, BitGo’s IPO sends a positive signal for the industry. It indicates that companies providing institutional custody and infrastructure services continue to be valued by investors. Making BitGo’s shares accessible via blockchain strengthens the position of traditional financial instruments in the digital realm.

Conclusion: Signs of a New Financial Era

Ondo Finance’s decision to tokenize BitGo shares reflects the rapid evolution in financial technology. The fact that institutional crypto players are beginning to go public through traditional exchanges and that these shares are traded simultaneously on blockchain networks suggests that more investors will be reached in the future. The collaboration between BitGo and Ondo Finance is not only a technological achievement but also concrete evidence of the convergence of traditional and digital financial worlds.