Cryptocurrency

Cryptocurrency exchange Woo X has launched a product that allows retail customers to invest in tokenized U.S. Treasury bills, marking a first in the sector. 
The new offering, <a href="https://crypto.news/defi-is-changing-lives-with-real-world-assets-leading-the-charge/" data-type="link" data-id="https://crypto.news/defi-is-changing-lives-with-real-world-assets-leading-the-charge/" rel="">RWA</a> (Real-World Assets) Earn Vaults, was developed in collaboration with the London-based OpenTrade. It is designed to combine the stability of traditional financial instruments with the innovative features of the <a href="https://crypto.news/market-cap/" data-type="link" data-id="https://crypto.news/market-cap/" rel="">cryptocurrency market</a>. 
“For the first time, retail users on a centralized exchange can instantly access an interest-bearing account backed by U.S. Treasury Bills,” said Willy Chuang, Woo X’s Chief Operating Officer, in an email. 
The move comes as the <a href="https://crypto.news/tag/tokenization/" data-type="link" data-id="https://crypto.news/tag/tokenization/" rel="">tokenization</a> of high-quality assets like U.S. Treasuries gains popularity, driven by recent hikes in interest rates and a concurrent crypto bull run. 
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 It’s time to get real. WOO X launches Real World Assets (<a href="https://twitter.com/hashtag/RWA?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="">#RWA</a>) on WOO Earn today, marking a significant milestone as the first CEX to offer a top-tier investment product designed to attract substantial TradFi capital into the crypto sphere. Let’s dive in, shall we? (1/7) <a href="https://t.co/m2utm6Ljhd" target="_blank" rel="">pic.twitter.com/m2utm6Ljhd</a>— WOO X (@_WOO_X) <a href="https://twitter.com/_WOO_X/status/1782348710892220515?ref_src=twsrc%5Etfw" target="_blank" rel="">April 22, 2024</a>
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 You might also like: <a href="https://crypto.news/coinshares-crypto-investors-remain-skeptical-weekly-outflows-hit-206m/" rel=""> CoinShares: Crypto investors remain skeptical, weekly outflows hit $206m </a> 
Chuang emphasized that the initiative “Bridges a crucial gap between traditional financial securities and the dynamic world of cryptocurrency, offering our users an unprecedented opportunity to engage with low-risk, high-quality financial assets in a seamless, secure, and efficient manner.” 
Additionally, Woo X continues to expand its offerings, having recently rolled out index-linked perpetuals that track crypto <a href="https://crypto.news/tag/memecoin/" data-type="link" data-id="https://crypto.news/tag/memecoin/" rel="">meme coins</a> and <a href="https://crypto.news/tag/layer-2/" data-type="link" data-id="https://crypto.news/tag/layer-2/" rel="">layer 2</a> tokens, working alongside the market maker <a href="https://crypto.news/tag/wintermute/" data-type="link" data-id="https://crypto.news/tag/wintermute/" rel="">Wintermute</a>. 
Last year, another crypto platform, Finblox, announced plans to introduce similar tokenized Treasury products to retail investors. 
WOO, Woo X’s token on the Ethereum network, is up 7.5% for the week, an increase of 3.6% for the day, and currently sits at $0.32, according to <a href="https://coinmarketcap.com/currencies/wootrade/" data-type="link" data-id="https://coinmarketcap.com/currencies/wootrade/" target="_blank" rel="">CoinMarketCap</a>. 
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 7-day chart of WOO from CoinMarketCap
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 Read more: <a href="https://crypto.news/circle-usdc-swap-blackrock/" rel=""> Circle facilitates USDC swap for BlackRock’s tokenized fund </a>

Woo X launches tokenized US Treasury bills for retail investors

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