Orca's recent shift is interesting, moving from purely on-chain free trading to KYC-verified pools, blurring the lines between DeFi and TradFi.

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CoinNetwork
Orca launches new market supporting tokenized real-world asset trading
Decentralized exchange Orca on Solana launches "Permissioned Pool" infrastructure, allowing only approved investors to trade certain tokenized assets, focusing on the U.S. market to comply with securities laws and complete KYC and investor qualification reviews. The first issuer, Streamex, with tokenized gold security GLDY, will become the first regulated asset traded under the new system. This move marks Orca's expansion from pure crypto trading to tokenized financial asset infrastructure, where issuers can set who can access assets, and the system automatically enforces access rules on-chain.
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