Tokenized Tesla Shares Begin Trading on Binance Crypto Exchange
Users are now able to purchase fractions of Tesla shares with a new tokenized stock trading service
Binance crypto exchange announced the launch of its tokenized stock trading service, starting with Tesla (NASDAQ:TSLA). This service allows users to trade zero-commission fractional tokenized shares, with each token being priced in Binance USD (BUSD), a stable coin pegged to the U.S. dollar. The stock tokens can be traded in fractions as small as 1/100th the original share. That means investors with only $7 could buy a fractional token worth 1/100th a single share with Tesla stock currently trading at $700. The tokenized stock trading service is backed by a depository portfolio of the underlying securities that represent the tokenized shares. This service demonstrates the blockchain’s ability to democratize the transfer of value in a cheaper way than traditional financial institutions.