Binance Launches Tesla Stock Token

Apr 12, 2021 | Decrypt News | 0 comments

binance-launches-tesla-stock-token

Crypto exchange Binance has announced the launch of zero-commission tradable stock tokens that allow users to trade in fractional stocks. All stock tokens are denominated, settled and collateralized in Binance USD (BUSD), a US dollar-denominated stablecoin

The first Binance Stock Token (BST) to be listed is Tesla Inc. Trading for the TSLA/BUSD pair will open at 13:35 UTC on April 12, 2021. 

Binance Stock Tokens

Binance stock tokens are digital tokens that are backed by a portfolio of underlying securities. 

Here’s How Much It Costs to Buy a Tesla With Bitcoin

Holders of these tokens qualify for economic returns on the underlying shares, including potential dividends, per the Binance website

While the TSLA stock token is the first to be listed, the exchange intends to “respond to market demand” by listing more stock tokens and features in the future.

Tesla and cryptocurrency

This isn’t the first time that Tesla has crossed paths with the world of cryptocurrency.

Tesla CEO Elon Musk. Image: Shutterstock.

Earlier this year, the EV manufacturing company—led by 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. Tesla intends to hold any Bitcoin received from purchases of its products, rather than converting it into fiat currency. 

Tesla Helped Patch A Bug On This Bitcoin Payment Processor

CEO Elon Musk has become one of the most prominent advocates for cryptocurrency; in February of this year, Musk said that investors “might as well have crypto” if they were considering investing in gold. And soon after he updated his Twitter bio to Bitcoin, the cryptocurrency’s price spiked by 20%.

News Source from Decrypt.co

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