- Popular exchange to list stock tradable tokens.
- MicroStrateg and Apple’s previous crypto affiliations.
Weeks after the world’s largest crypto exchange, Binance launched its tradable stock token, users of the exchange would be able to trade the stocks of MicroStrategy, Apple, and Microsoft as tokens very soon.
The exchange decided to expand its tradable stock token portfolio with these firms as users will be able to buy and sell these tokens before May.
Binance weeks back launched the Binance Stock Tokens in partnership with German investment company – CM-Equity AG and Switzerland’s Digital Assets AG. The stock tokens are to be traded with zero commission and one coin representing one share of the equity.
Binance announced it would add three new stock tokens. They are the shares of Apple (AAPL), the US multinational tech behemoth – Microsoft (MSFT), and Michael Saylor’s business intelligence giant – MicroStrategy (MSTR).
Currently, electric car makers Tesla (TSLA) and exchange firm Coinbase went live on Binance as stock tokens.
What Binance stock tokens are
Binance Stock Tokens are tokens of stocks (i.e., shares of public companies) that trade on traditional stock exchanges. Each stock token represents one ordinary share of the relevant stock.
These stock tokens are fully backed by a depository portfolio of underlying securities held by CM-Equity AG, Germany. Holders of the stock tokens will qualify for economic returns on the underlying shares, including potential dividends.
Binance said it would monitor market demand and look to provide a channel to add more stock tokens issued and sold by CM-E.
MicroStrategy, Apple crypto affiliations
Both firms have no serious relationship with crypto; hence their addition to the list may be out of the fact that they are popular and two of the world’s largest companies. However, both firms are heavy institutional investors in Bitcoin.
The NASDAQ-listed company (MicroStrategy) announced its first massive purchase of over $200 million worth of BTC in August last year. Ever since then, MicroStrategy, and its founder and CEO, Michael Saylor, have made numerous frequent buys worth over $2 billion in total.