Alpaca, a modern crypto and stock investing platform, is excited to announce that they will support and contribute to the creation of an innovative community driven DeFi protocol - Jungle.
Jungle is a DeFi protocol that will mint and burn tokenized stocks in ERC20 format with a 1:1 collateral. This will eliminate barriers for people in the world to access various stocks with 24/7 liquidity and instant settlement on-chain, with various possibilities such as lending and DEX support to use in the DeFi ecosystem.
“Despite recent technological advancements, we still see a high barrier to entry for people from different countries to access financial services, such as the stock market, which are highly centralized and local to this day,” said Hitoshi Harada, Co-Founder and CPO of Alpaca. “These challenges can be due to fragile financial systems in the local area or incompatible regulations between jurisdictions. To solve this problem, we propose Jungle, a DeFi protocol that will provide a token mechanism representing an equivalent value of different stocks with one-to-one collateral on a blockchain. This protocol implements the process of issuance, redemption, and corporate actions of a token, one-for-one collateralized by stock.”
“Alpaca is ecstatic to be the first member of Jungle, a community driven DeFi protocol that will shape a governance model where numerous members will participate, govern and help to build this protocol.” said Yoshi Yokokawa, Co-Founder and CEO of Alpaca. “Leveraging our rich experiences in the traditional stock market and crypto business, we will actively support development efforts for this innovative protocol and deliver custody of stocks from different markets.”
Jungle will open a new chapter for global financial systems aimed at overcoming barriers for people to access financial assets in a regulatory compliant manner by providing permissionless tokens in ERC20 format, backed by a 1:1 collateral.
When launched, Jungle tokens will be restricted in some countries, including the USA, where tokens are potentially deemed unregistered securities that are not legal to sell within the jurisdiction.
To learn more about Jungle and when it becomes available, check out https://jungleprotocol.org/
Jungle is a DeFi protocol that mints and burns tokenized stocks in ERC20 format with 1:1 collateral. It eliminates barriers for people in the world to access various stocks with 24/7 liquidity and instant settlement on-chain, with various possibilities to use in the DeFi ecosystem. To learn more, please visit https://jungleprotocol.org/
Alpaca is a developer-first embedded financial technologies platform that’s raised over $100m in funding. Alpaca offers crypto and stock trading, real-time market data, and end-to-end brokerage infrastructure through modern APIs. Alpaca is backed by top investors in the industry globally including Portage Ventures, Spark Capital, Social Leverage, Tribe Capital, Horizons Ventures, Unbound, Eldridge, Positive Sum, Elefund, and Y Combinator.To learn more about Alpaca, please visit https://alpaca.markets.
Please note this article is for general informational purposes only and not intended to provide, and should not be relied on for tax or investment advice, and is not a recommendation for any security or trading strategy.