Financial Market

Coinbase-backed Ondo Finance Unveils APAC Expansion As ONDO Price Soars 60%

Ondo Finance, a leading U.S.-based issuer of tokenized securities with Coinbase backing, strategically expands into the Asia Pacific to tap into the region’s growing digital asset enthusiasm. The company, which claims to hold a significant amount of the tokenized securities’ global market share, revealed its plans through a recent press release, highlighting the opening of its first office in the region and the appointment of Ashwin Khosa as Vice President of Business Development for Asia Pacific.

Ondo Finance’s APAC Expansion Plan

Ondo Finance, a trailblazer in on-chain finance, has marked its territory in the Asia Pacific by inaugurating its first office in the region. Meanwhile, the company’s triumphant stride into this dynamic market aligns seamlessly with the region’s escalating enthusiasm for digital assets, fueled by a thriving crypto community and evolving regulatory frameworks.

Notably, according to the press release, Nathan Allman, Founder and CEO of Ondo, expressed his excitement about this expansion and said:

“There is an active and rapidly growing crypto community and an appreciation for the type of high-quality exposure to U.S. assets that our tokens provide.”

Meanwhile, to spearhead this strategic move, Coinbase-backed Ondo Finance has enlisted the expertise of Ashwin Khosa as the Vice President of Business Development for Asia Pacific. With a decade of institutional business development experience in Hong Kong at institutions like Citi, Tether, and Bitfinex, Khosa brings a wealth of knowledge about on-chain finance and the nuances of the Asia Pacific market.

Notably, Ondo Finance, already a dominant player in the tokenized securities realm, currently offers three compelling products: OUSG, providing exposure to US Treasuries; OMMF, offering exposure to US money market funds; and USDY, a yield-bearing alternative to conventional stablecoins. These products empower global investors to access key U.S.-based asset classes in a tokenized format.

Also Read: XRP Whale Offloads 26 Mln Tokens, Price Decline To Continue?

What’s Next?

Khosa, in a statement, conveyed eagerness for the mission, emphasizing collaboration with regional partners to facilitate investor access to top-tier assets. His enthusiasm underscores his commitment to fostering growth in the investment landscape and signifies strategic cooperation in navigating opportunities within the evolving market.

In addition, this expansion into Asia Pacific follows a series of significant announcements by Ondo, including a strategic roadmap outlining its industry perspective and plans for the next 24 months. On the other hand, the recent key partnerships with Mantle Network and Solana have also gained attention from investors lately, emphasizing the collaboration to bring USDY to their respective blockchain networks.

Besides, this move coincides with the Ondo Foundation’s recent points program announcement and a proposal to unlock its ONDO token. These collective strides signify Ondo Finance’s commitment to shaping the future landscape of on-chain finance and expanding its influence on a global scale.

Meanwhile, as of writing, Ondo price witnessed a dip of 4.76% and traded at $0.256, with its trading volume soaring 42.83% to $201.53 million. However, over the last seven days, it has added more than 60% to its price.

Also Read: Coinbase CLO Fires Back At US GAO’s Concerns On Crypto Evasion Of Sanctions

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