Crypto exchange Binance has revealed plans to launch stock tokens of Nasdaq-listed companies like MicroStrategy, and tech giants such as Apple and Microsoft. The announcement came after the launch of tokens that trace the performance of electric automaker Tesla and Coinbase.
While announcing the launch on the 26th of April, Binance highlighted the schedule for each stock token. The exchange noted that MicroStrategy would list on the 26th at 1:30 pm UTC, Apple would list on the 28th at 1:30 pm UTC, and Microsoft on the 30th of April at 1:30 pm UTC.
In the announcement, Binance said that each stock token represents one ordinary share of the relevant stock. Binance added:
“These Stock Tokens are fully backed by a depository portfolio of underlying securities held by CM-Equity, Germany (“CM-E”). Holders of Stock Tokens will qualify for economic returns on the underlying shares, including potential dividends.”
Binance launched tradable Tesla stock tokens on the 12trh of April. Instead of buying a full, traditional share, users could purchase as little as one one-hundredth of these shares.
Shortly after, Binance went further to list fractional shares for Coinbase on the 15th of April.
The stock token launch shows continued competition between the exchange and crypto derivatives platform FTX. FTX launched its factionalized stock trading in October last year.
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