Binance offers Tesla stock token, could Coinbase (COIN) follow?
Crypto exchange Binance has announced the launch of a new product, tokenized shares of publicly traded companies. The first to be listed is Elon Musk-led carmaker Tesla. Trading with these tokens will be available with zero commission and accessible to all users of the exchange via their account. According to an official release, each TSLA […]
Related News
Major exchanges are elbowing for exposure to Coinbase's listing. Major global cryptocurrency exchanges including Binance and FTX have announced the listing of Coinbase’s stock token ahead of its direct listing on Nasdaq.According to a Wednesday announcement, Binance will list Coinbase's stock token (COIN) today, allowing its users to trade fractional Coinbase stock on the Binance website.The new stock token will trade against Binance USD (BUSD), Binance’s stablecoin pegged to the United States dollar and issued by Paxos Trust Company.Binance said that Coinbase stock tokens are....
The upcoming listings will bring the total number of stock tokens supported by Binance to five. Top crypto asset exchange Binance has announced it will list three new stock tokens over the coming week, following the launch of tokens tracking the performance of Tesla and Coinbase shares earlier this month.On April 26, Binance announced it will launch tokenized stock pairings for leading business intelligence firm, Microstrategy (MSTR), in addition to multinational tech firms Apple (AAPL) and Microsoft (MSFT). The tokens will allow users to trade fractionalized units of the share tokens,....
As distinct from traditional shares, a stock token can be fractionalized into smaller, more affordable units, meaning that more users can potentially benefit from capital returns on equities. Cryptocurrency exchange Binance is launching tradable stock tokens that aim to enable a wider section of the public to pocket capital returns on equities, including potential dividends, without having to purchase full, traditional shares.The first publicly tradable equity in the form of a Binance stock token will be Tesla, the share price of which currently hovers around the $700 mark. Rather than....
Ark Investments topped up its Coinbase stock shortly after FTX's liquidity issues were revealed, which came after Coinbase stated that it had “minimal exposure” to the troubled trading platform. Amid the FTX and crypto market chaos, Cathie Wood-led Ark Investments has increased its Coinbase (COIN) holdings with a purchase of 237,675 COIN shares worth about $12.1 million on Nov. 9. Of the 237,675 COIN shares, Ark Investment Management added 207,527 shares to its ARK Innovation ETF (ARKK), 22,416 shares to its ARK Next Generation Internet ETF (ARKW), and another 7,732 shares to its ARK....
The crypto exchange gave no indication as to the reason, stating only that it would be shifting its "commercial focus to other product offerings." Binance's highly popular stock tokens, a relatively recent offering, are being wound down immediately. In an announcement published on July 16, the exchange announced that "effective immediately," stock tokens are unavailable for purchase on Binance.com. As of October 14, 2021 at 19.55 UTC, the exchange will no longer support stock tokens at all. Existing stock token holders will have some time to adjust:"Users who currently hold stock tokens....