The Crypto exchange Binance announced Monday the launch of Zero commission tradeable Stock Tokens, and the first stock token will be Telsa. That means users can allow fractional trading stocks. Users can purchase as little as a hundredth of a Telsa share with a price settled in Binance USD (BUSD).
The first Binance tradeable Stock Tokens (BST) to list with Telsa. TSLA stock token is first to be recorded by exchange intends to “respond market demand.”
“Stock token demonstrates how we can democratize value transfer more seamlessly reduce friction and costs to accessibility without compromising on compliance or security,” said Binance CEO Changpeng Zhao.
Binance is not charging any commission for trading stock tokens. Binance exchange intends to list TSLA stock token as its firsts to ” respond market demand”. However, trading of stock follows the underlying stocks Traditional trading hours.”
This year, an EV manufacturing company led by Telsa CEO Elon Musk- announced a whopping $ 1.5 billion investment into Bitcoin. In March, the company began accepting bitcoin as a form of payment for its cars. Telsa Intends to hold any received bitcoin received from purchases of its products rather than converting it into fiat currency.
In the last 24 hours, the exchange Native crypto Binance coin (BNB) has surged more than 25%, reaching an all-time high of $ 638.56. Germany’s Investment firm manages “depository portfolio of underlying securities” which backs the Binance product. Binance said it would list more stock tokens in the future based on market demand.
To start token services, Binance users will go through KYC measures by submitting identity documents. KYC measures include proof of address. Additionally, the services are not available to residents of China, Turkey, and other restricted jurisdictions.