Swiss-based firm Digital Assets AG (DAAG) will tokenize dozens of stocks — including Tesla, Facebook and Google — on the Solana network, the latest get for the buzzy blockchain.  

The tokenized stocks will be available on Solana exclusively through exchange FTX, but due to regulation will primarily be available in Europe.

In an interview with Crypto Investor, Founder Patrick Gruhn said DAAG chose Solana for its efficiency and speed over Ethereum, which continues to slog toward network improvements. 

"Since we want to enable on-chain solutions, we need a blockchain that is basically cheaper than Ethereum and way faster," said Gruhn. "And that's how we came to Solana." 

Each stock token represents one ordinary share of the relevant stock, but can be traded 24 hours a day and transferred to secondary markets without restriction. There's some dispute over whether token holders receive similar rights to traditional shareholders, but currently in most cases they do not.  

At launch, which is taking place today, popular stocks that will be available on Solana include Facebook, Google, Netflix, Nvidia, PayPal, Square and Tesla. 

Gruhn said the group's regulatory prospectus will hopefully be used to expand to other jurisdictions in the near future. 

"But we always want to be compliant with the regulations," he said. "That's why we went through this process with the prospectus, which was not easy. It was a complex task. But we are going through this process right now in other jurisdictions.

It's the latest chapter in an impressive quarter for Solana.  

Earlier this month, the blockchain raised more than $300 million in a token sale led by A16z, and its native token $SOL, was recently listed on Coinbase. 

Last month, Solana Labs COO told Crypto Investor the blockchain's success is built on performance — even as more projects migrate to Solana, the network is holding up. 

“All that is happening, and the network is performing as advertised, continuing to be fast and cheap and scalable,” Gokal said. “What people are realizing as they use these applications is that it’s live, it's performant, it's cheap, it's scalable, and it's ready today.”

Swiss-based firm Digital Assets AG (DAAG) will tokenize dozens of stocks — including Tesla, Facebook and Google — on the Solana network, the latest get for the buzzy blockchain.  

The tokenized stocks will be available on Solana exclusively through exchange FTX, but due to regulation will primarily be available in Europe.

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