Tokenized Ferrari ($RACE) Now Available on Solana

Backpack expands its tokenized stock lineup on Solana with Ferrari ($RACE). Each $RACE token is tradable 24/7 and redeemable 1:1 for a traditional share of Ferrari (NYSE: RACE) through Backpack Securities.

Token details

About Ferrari

Ferrari N.V. (NYSE: RACE) is a luxury sports car maker with operations centred on Maranello, Italy, where it has built cars since 1947. It designs, manufactures and sells road cars in limited volumes, and it competes in Formula 1 as Scuderia Ferrari, the only team to have taken part in the championship continuously since 1950. The company also licenses its brand across apparel, retail and entertainment. Ferrari was spun out of Fiat Chrysler Automobiles and listed in 2015, and it is registered in the Netherlands as a Dutch N.V.

Moving between $RACE and traditional RACE shares

$RACE and traditional Ferrari N.V. (NYSE: RACE) shares are convertible 1:1 through Backpack Exchange. The flow works the same way as depositing or withdrawing a stablecoin.

Withdraw a share of Ferrari from Backpack Exchange to tokenize it into $RACE on Solana.

Deposit $RACE from a Solana wallet to Backpack Exchange to convert it back into the underlying RACE share held in Backpack Securities.

How to trade $RACE

You can trade Backpack-issued $RACE on Solana using Backpack Wallet.

$RACE is also accessible across the Solana ecosystem, including decentralized exchanges, aggregators, wallets, and apps such as Backpack, fomo, Titan, Jupiter, Phantom, Solflare, Raydium, Kamino, and others.

Unlike most tokenized stocks that only track a price, tokenized securities issued by Backpack, including $RACE, are:

• Redeemable 1:1 for real underlying shares
• Transferable to traditional brokerages