Trading network for cryptocurrencies, Binance has released non-commission, exchangeable stock tokens starting with Tesla. Operations for TSLA/BUSD started at 13:35 UTC on April 12, 2021.
Related: Binance Coin price reaches $600 high
The tokens introduce Tesla's shares and customers will be able to swap them on the platform. There is also an option of buying divisions of the token with the minimal size of one-hundredth of the unit.
To realize the incentive Binance teamed up with investment entities CM-Equity AG and Digital Assets AG. Activities will be managed through Binance USD (BUSD), a dollar-pegged stablecoin.
The founder and Chief Executive Officer of Binance, Changpeng Zhao (CZ) stated that the stock tokens are means of democratizing value transactions more easily, decrease friction and prices to approachability, at the same time being compliant and secure.
Binance is not the first crypto services provider to offer stack token trading.
Previously FTX and Bittrex Global enabled the function. As Binance continues to develop, its native token BNB reaches new highs. At the moment, the token trades at around $573 with a market cap of over $88.6 B.