Binance has launched a zero-commission tradable stocks token on its platform to allow its users trade stocks of companies. The largest exchange by trade volume through this service will enable its users trade stocks of the world largest EV Manufacturer Tesla Inc.
According to Binance, each stock on the platform represents a share of equity stock which will be fully backed by shares stored in a depository portfolio of underlying securities. This move by binance is in cooperation with investment firm CM-Equity AG and asset tokenization platform Digital Assets AG.
Binance said the Tesla stock tokens on the platform will have a minimum trade size of one-hundredth of a stock token, representing the same fraction of a Tesla share. Stock tokens are priced and settled in the Binance stablecoin BUSD.
The exchange revealed that the Stock Tokens will open users to more markets; allowing them to access liquid stock assets, enable traders to easily trade fraction of large stocks and as well as access traditional stock benefits such as stock splits, potential dividends and capital returns.
Speaking on this CEO of Binance, CZ, said;
The CEO of CM- Equity AG also speaking said’
Binance noted that trading stocks will follow traditional exchange hours and it is not available to residents of select countries such as Mainland China, Turkey and other restricted jurisdictions. Users will also have to pass KYC to access the market.
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