The future is here! The biggest crypto exchange on the planet in terms of trading volume, Binance, has launched tradable stock tokens with the electric vehicle maker the first to be listed.
The exchange announced the launch of Binance Stock Tokens on Monday.
This latest move will allow its users to buy fractions of shares of other companies with a new tokenized stock trading service. These are zero-commission digital tokens that qualify holders for returns including dividends.
This is not the first tokenized stock play in the land of crypto — Mirror Protocol from Terra Labs already had went live last December.
But while Mirror uses synthetic stocks that are tokenized representations of actual equities, the Binance product is managed by an investment firm in Germany and backed by a depository portfolio of underlying securities.
Starting April 12, users will be able to buy fractions of actual Tesla shares, which are trading at $677 a share at the time of this writing. Users will be able to purchase as little as one-hundredth of a Tesla shares, and prices will be settled in Binance USD (BUSD).
Speaking of which, the native crypto of the exchange, Binance Coin (BNB) is on its own little surge.
It has gone up 25% in the last 24 hours, reaching an all-time high of $637.44. And while it’s not clear what is driving the price of the coin, it has seen plenty of positive movement over the past couple of months.
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