MultiBank Group, a major derivatives institution, successfully completed its token launch, which is now live on exchanges.
Major financial institutions are quickly embracing crypto. On Tuesday, July 22, a tradFi derivatives firm, MultiBank Group, completed the launch of its MBG token, following its presale sold out in minutes. The token now trades on centralized and decentralized exchanges, including MexC, Gate.io, and Uniswap.
This tradFi-linked token attracted significant attention even beyond its presale, which concluded on July 18. Shortly after public trading started, once the token was listed on major exchanges, it surged 166%. On July 22, the token briefly broke the $1 mark and has since consolidated to $0.981. and reached $156 million in market cap.
MultiBank Group token backed by RWAs
According to MultiBank, the token is backed by real-world value. This includes $29 billion in real-world assets on its platform, as well as $35 billion daily trading volume on the financial institution’s platform. MultiBank Group Chairman and founder Naser Taher emphasized the $440 million buyback program, aimed at strengthening to token over the next four years.
“MBG is built on rock-solid fundamentals, combining MultiBank’s $35 billion daily trading infrastructure with a $29 billion real asset base, while driving innovation through its multi-utility role: powering transactions across our TradFi and digital ecosystems, enabling staking rewards, and serving as the native token for our $3 billion real-world asset platform,” Naser Taher, MultiBank Group.
The project is also involved with tokenized real estate, claiming to have a $3 billion agreement with MAG Lifestyle Development. This project will include premium real estate, including Ritz-Carlton Residences.
Interest in the MBG token shows that traders are increasingly bullish on platforms at the intersection of tradFi and DeFi. Moreover, tradFi firms are increasingly tapping into the potential of crypto for raising capital for their ventures.
