Solana Aims to Become Global Stock Market with Backpack's Tokenized Stocks

Backpack CEO Armani Ferrante has ambitious plans to expand tokenized stock access on Solana, aiming to bring the entire stock market onto the network. Currently, about 200 symbols are available on Solana through Backpack's platform. However, Ferrante wants to increase this number to 10,000.

According to a recent post by Solana, Ferrante emphasized that his goal is not just to add more stocks but to make the full stock market available through a system connecting conventional securities accounts with DeFi applications. He described a single API through which a real share could move from a brokerage account into DeFi and back.

Backpack introduced its securities platform in June, allowing customers to hold U.S. stocks and exchange-traded funds through a brokerage service and convert eligible holdings into tokenized securities. The company has already issued tokens for various U.S.-listed companies, including SpaceX and Micron.