Ondo Finance Launches MAG7X Token: Combining Big Tech Stocks and Crypto ETFs
Ondo Finance has introduced MAG7X, an innovative index token that brings together the seven largest US technology companies with two popular Bitcoin and Ethereum exchange-traded funds (ETFs) from BlackRock: iShares Bitcoin Trust (IBIT) and iShares Ethereum Trust (ETHA). This product offers investors exposure to both Big Tech equities and crypto funds through a single on-chain asset.
How MAG7X Token Works
- Accessibility: The token is available 24/7 across various networks like Ethereum, BNB Chain, and Solana, eliminating the need to adhere to stock exchange hours.
- Creation and Redemption: It can be easily created, redeemed, and traded through self-custody wallets and decentralized platforms such as 1inch and MetaMask.
- On-Chain Transparency: MAG7X is built on Ondo Stocks infrastructure, providing on-chain visibility into holdings, weights, and rebalances.
Ondo Intelligent Portfolios Expansion
MAG7X is part of Ondo's expanded Intelligent Portfolios, which now include:
- Magnificent 7 Portfolio: Combines exposure to the top seven technology companies with crypto assets.
- AI Portfolio: Focused on the artificial intelligence sector.
- Targeted Income Portfolio: Tailored for income generation.
These portfolios, including MAG7Xon, offer investors simplified access to diverse asset baskets without the need for individual position management.
Ondo's Growing Presence on Solana
With the Solana launch, Ondo extends its already established presence on the network, where it boasts over $500 million in total value locked across various tokenized assets.
Ondo Stocks: Tokenizing the Market
The assets underlying MAG7X come from Ondo Stocks, a platform that tokenizes equities, enabling investors to participate in the market with greater flexibility and accessibility.