Injective, the interoperable layer-1 blockchain for web3 finance, has announced the launch of tokenized versions of the Euro and the Sterling on-chain.
The launch of forex trading on Injective (INJ), with EUR and GBP markets follows the blockchain platform’s unveiling of iAsset framework, designed to bring traditional finance and real-world assets such as stocks, commodities and now foreign exchange on-chain.
On-chain finance and tokenization helps address the limitations and barriers to accessibility that currently affect traditional forex markets, Injective said in a blog post.
Injective has already brought major stocks such as Nvidia and Tesla onto the blockchain via its tokenization framework. The addition of FX with pairs for the Euro and Sterling pound expands this reach, with the new assets bringing further access to traditional financial markets to users within the decentralized finance ecosystem.
EUR and GBP are two of the most-traded currencies in the world, alongside the U.S. dollar and the Japanese yen.Notably, the forex is a staggering $7.5 trillion market, with daily transactions across various assets outpacing stocks by a mile.
The EUR/USD pair, for instance, sees over $1.71 trillion in daily volume with its trading accounting for more than 22% of all forex trades. Injective’s launch of the FX trading pairs is set to expand access further with 24/7, 365 days per year on-chain trading. On-chain EUR and GBP forex trading on Injective is available to users across the world.
“Injective’s expansion into forex trading with EUR and GBP markets represents more than just adding new trading instruments. It signals the maturation of DeFi into a comprehensive alternative to traditional financial markets,” team Injective wrote.
Binance-incubated and Pantera-backed Injective is among top blockchain platforms eyeing the asset tokenization and RWA market.
This opportunity to bring traditional finance instruments on-chain has attracted other players, both within the TradFi system and crypto.
Earlier this month, Bloomberg reported that Robinhood Markets Inc. is looking to tap into blockchain to bring tokenized U.S. stocks to European investors. Crypto exchange Kraken is also set to unveil over 50 tokenized stocks of major U.S.-listed companies, including Apple, Tesla, and Nvidia. Kraken will also offer tokenized ETFs.