The layer-2 decentralized finance (DeFi) protocol Injective is bringing the stocks of the big technology giants into the decentralized finance industry as it has introduced decentralized stock trading on its exchange platform. Stocks of the famous tech giants including the social media platform Facebook, the Seattle-based American financial services firm Amazon, American multinational technology firm Google, and the top over-the-top content platform and production firm Netflix, will be available in DeFi.
Injective Protocol, a layer 2 decentralized exchange backed by the leading cryptocurrency exchange Binance, is going to launch stock trading on its trading platform and it will reportedly start by offering trading of the stocks of Facebook, Netflix, Google, and Amazon. Listed on the Injective Solstice V2 network, users can purchase these stocks using Tether (USDT) the world’s largest stablecoin.
These stocks, collectively, has been termed as FANG and are the very famous one in the financial markets. Injective, however, also plans to list more popular stocks on its trading platform in the near future.
While announcing the news, the Chief Executive Officer (CEO) of Injective Protocol Eric Chen said that there are still many people from across the whole world who are unable to access stock trading and make investments in it. Injective, he said, is going to provide an opportunity to everyone to start trading stocks on the decentralized trading platform of this exchange. And the protocol is offering stocks trading with zero fee charges. As Chen said:
“Investing in stocks still remains inaccessible for billions of people worldwide while the existing platforms act as gatekeepers and suffer from technical challenges. Injective helps to seamlessly rectify these salient issues to allow anyone to trade stocks with zero fees.”
For this purpose, the team behind this Cosmos SDK built high-speed protocol is forming a partnership agreement with the cross-chain data oracle platform Band Protocol and Terra. As a part of the partnership agreement, the Band protocol will feed price data using its oracle technology. While on the other hand, Terra will offer stock tokenization. All of these three will collaborate with each other on this offering.
This product offering being introduced by Injective Protocol is the first of its kind that will be rolled out on a decentralized exchange.