World largest exchange company Binance has launched a zero-commission tradable stock token that allows its users to trade fractional stocks of companies on Thursday.
According to the announcement on Binance’s website, stock tokens are denominated, settled, and collateralized in Binance dollar-denominated stablecoin, BUSD.
The electric vehicle manufacturing company Tesla is the first Binance Stock Token to be listed and will be trading for the TSLA/BUSD pair. It means that Binance users can now buy stocks of Tesla in fractions with prices settled in Binance USD (BUSD).
The tokens are backed by a depository portfolio of underlying securities. Holders of the tokens are qualified for returns on the underlying shares and potential dividends.
The announcement stated that Binance will list more stock tokens and features in response to market demand. However, this new service is restricted to users in ‘in Mainland China, Turkey, and other restricted jurisdictions.’
The current price of bitcoin is $60,555.97, increasing by 1.82% in the last 24 hours. Bitcoin’s current market cap of $1.13T and market volume of $53.96B. In the last 24 hours, bitcoin has dropped to $59,253.10 and experienced a 24 hours high of $61,219.72. Currently, 18,680,643.75 bitcoins are in circulation.
Stats and Image from Coin Desk
Tesla interest in cryptocurrency continues to grow. The car manufacturing company recently announced that it has started receiving Bitcoin for its electric cars purchase.
The cryptocurrency of Binance BNB experienced steady growth in the last couple of days. The crypto surged slightly above $600 before currently settling at the $500 mark.