Binance Lists 3 New Major Stock Tokens In Upcoming Weeks.
2021-04-26 | Big Bob
![Binance Lists 3 New Major Stock Tokens In Upcoming Weeks.]()
Leading cryptocurrency exchange Binance has outlined that
it'll list three new stock tokens over
the approaching week, following the launch of tokens tracking the performance of Tesla and Coinbase shares earlier this month.
Earlier today on Monday, Binance
announced it'll launch tokenized stock pairings for leading business intelligence firm MicroStrategy [MSTR]
additionally to multinational tech firms Apple [AAPL] and Microsoft [MSFT].
The tokens will permit users to trade fractionalized units of the share tokens, with minimum trade sizing set at one one-hundredth of a token.
Binance’s MSTR tokens are slated
to go live at 1:30 pm UTC on Monday, while the AAPL tokens will launch at
the same time later on Wednesday, and MSFT tokens
will be tradable from Friday.
The exchange asserts its stock tokens are “fully backed by a depository portfolio of underlying securities” held by German financial services supplier CM-Equity AG. The tokens will observe traditional stock trading hours.
The tokens will only be tradable against the exchange’s stablecoin, Binance USD [BUSD]. Binance’s stock tokens are unavailable to residents of
China, the
U.S., Turkey, and other jurisdictions restricted by CM-Equity.
Binance launched its first stock token on 12
th April, permitting its users
to take a position on
the worth of Tesla [TSLA]. The exchange also listed fractional shares for Coinbase [COIN] on 15
th April.
Binance’s expansion into stock tokens appears to demonstrate hiked competition between it and Hong Kong-headquartered
cryptocurrency derivatives platform FTX, which launched fractionalized stock trading earlier in October last year, along with derivatives tracking Tesla as well as Apple shares.
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