ONDO eyes $1 as Ondo teams up with BNB Chain to launch tokenized US equities

Ondo Finance has joined forces with BNB Chain to offer access to more than 100 US-tokenized financial instruments, including mutual funds, ETFs, and top stocks.

The move opens doors for a new era where any crypto user can gain exposure to traditional monetary products on-chain.

According to Ondo Finance founder and CEO Nathan Allman:

With this initiative, BNB Chain officially joins the Global Markets Alliance, which comprises top exchanges, wallets, infrastructure providers, and custodians bringing traditional assets on-chain.

These developments have sparked interest in Ondo’s native token, which has failed to reclaim the $1 mark since early March declines.

Merging TradFi and blockchain

Cryptocurrency and traditional finance have operated differently over the years.

Digital assets operated as speculative, experimental, and fast-moving assets, whereas TradFi remained highly regulated and restricted to investors with access to banks or brokers.

Meanwhile, Ondo Finance emerged to change the narrative. It has made strategic moves in the real-world asset tokenization sector.

For instance, MasterCard integrated Ondo Finance as its first RWA provider in February.

Also, Ripple tapped the blockchain to introduce tokenized US treasuries on the XRPL.

The new collaboration with BNB Chain will allow users to interact with the digital representations of recognized US ETFs and stocks.

These are digital assets backed by real-world assets, offering seamless access for investors looking to diversify beyond cryptocurrencies while within the blockchain world.

BNB Chain commented on the latest partnership, stating:

That means users need a smartphone and a cryptocurrency wallet to invest in tokenized shares of leading companies like Tesla and Apple, or exchange-traded funds on the Binance ecosystem.

ONDO price outlook

The native coin changed hands at $0.9220 with a brief 24-hour gain.

ONDO appears poised for imminent rallies, targeting the coveted $1.

Popular analyst Ali Martinez expects continued gains to $1.60, translating to an over 40% surge from the current price.

According to Ali,

The chart shows that ONDO has breached a descending triangle setup to the upside.

Potential resistances are at $1.01, $1.18, and $1.35.

Overcoming these obstacles might propel prices to the $1.60 - $1.80 range.

However, buyers should keep ONDO above the triangle’s top trendline and reclaim $1 to support short-term rallies.

Also, broad market sentiments might influence ONDO’s price trajectory in the coming sessions.