Binance Lists 3 New Major Stock Tokens In Upcoming Weeks.

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 12th April, permitting its users to take a position on the worth of Tesla [TSLA]. The exchange also listed fractional shares for Coinbase [COIN] on 15th 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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