Wrapped Salesforce xStockPrice

(WCRMX)

Wrapped Salesforce xStock (WCRMX) addresses the need for eligible cryptocurrency market participants, particularly non-US users, to gain regulatory-compliant exposure to Salesforce, Inc. stock's price on the blockchain. It enables fractional ownership, 24/7 trading capabilities, and the integration of traditional stock exposure within decentralized finance (DeFi) protocols, broadening accessibility beyond traditional financial systems.

Blockchain technology provides WCRMX with key functionalities not typically available through traditional stock ownership. It allows for fractionalization of the asset, greater accessibility for a global audience, transparent on-chain ownership records, and the potential for seamless integration into various DeFi ecosystems. This integration enables use cases such as lending, borrowing, or utilizing WCRMX as collateral within decentralized applications.

WCRMX is designed to accurately track the price of Salesforce, Inc. (CRM) stock. Each WCRMX token is fully backed on a 1:1 basis by actual shares of Salesforce, Inc. These physical shares are securely held with a regulated third-party custodian, ensuring the direct link between the digital token and its real-world equity counterpart.

The term 'wrapped' signifies that WCRMX is a tokenized representation of an asset originating from the traditional financial market, rather than a native blockchain asset. This wrapped xStock is specifically designed not to 'rebase.' This means its circulating quantity remains constant, regardless of corporate actions like stock splits or dividend distributions, making it particularly suitable and stable for integration within decentralized finance (DeFi) applications.

WCRMX tokens are issued and operate on multiple blockchain networks to maximize accessibility and utility. They are available as Solana SPL tokens, meaning they can be utilized on the Solana blockchain. Additionally, they are issued as ERC-20 tokens, which allows them to function on the Ethereum network and other compatible Ethereum Virtual Machine (EVM) chains, such as Arbitrum, expanding their reach across various blockchain ecosystems.

The entity behind the issuance of Salesforce xStock (CRMx), of which WCRMX is a wrapped version, is Backed Assets (JE) Limited. Backed Finance AG acts as the tokenizer, responsible for the technical process of minting and managing the digital tokens on the blockchain. This structure provides a clear framework for the project's oversight and operation.