TL:DR Breakdown:
- Bittrex Global has launched stock trading on its platform.
- Customers can trade US company shares on the platform using digital currencies like Bitcoin.
Popular digital assets secured trading platform Bittrex Global announced on Monday that its customers can now purchase company shares using digital currencies – Bitcoin (BTC), Tether (USDT) – and fiat currency, US dollar. The development comes amid the launch of tokenized stocks on its platform through a partnership with DigitalAssets.AG, a Switzerland-based company that specializes in the tokenization of traditional assets.
Stock trading with cryptocurrency
Per the announcement, the companies tokenized popularly-traded company shares, including Tesla (TSLA), Facebook (FB), Amazon (AMZN), Google (GOOGL), Netflix (NFLX), Apple (AAPL), Alibaba (BABA), and five other stocks. The cryptocurrency users will be able to trade the assets without paying an additional fee or using an external broker. The stock trading service will be available all hours and days in a week, according to Bittrex.
It’s worth mentioning that the exchange is making the US stocks available to people in the regions where the stocks are originally not available. Besides stock trading, the customers are still able to trade more than 200 cryptocurrencies listed on the exchange. While commenting on the development, the CEO of Bittrex Global, Tom Albright, said:
“Blockchain technology has the potential to radically broaden access to financial services, and Bittrex Global is very proud to provide people with a portal to build their capital and private wealth in a way that was unimaginable a decade ago.”
The crypto and stock market
In recent months, there have been several vocal debates between the crypto and traditional stock market, on which performed best, especially since the coronavirus hit in March. That aside, traditional stock exchanges have begun to support digital currency trading, likewise crypto exchanges as seen today. Back in 2019, Cryptopolitan reported that a German stock exchange had launched support for Bitcoin trading.
