Where crypto exchange Binance previously offered stock tokens from Tesla, from today it is also possible to buy stock tokens from the competing exchange Coinbase on Binance.
Stock tokens are a tokenized version of a traditional blockchain stock. The exact time when these Coinbase stock tokens will be offered on Binance is still unknown, but it will be quite soon after Coinbase’s IPO on NASDAQ.
Binance has previously indicated that it wants to offer more stock tokens, if there is a demand for them. The Tesla stock token had a volume of $ 6.7 million dollars within three days. So it seems that the demand for stock tokens on Binance is there for sure.
Stock tokens on Binance are offered against Binance USD (BUSD). This is a stablecoin that is linked to the US dollar. This stablecoin is also for sale on Binance. For residents of the United States, China, Turkey and some other countries, it is unfortunately not possible to buy stock tokens on Binance.
Another important point regarding the sale of stock tokens by Binance is the trading hours. Traditionally, crypto exchanges are known for being open for trading 24 hours a day, 7 days a week. Stock tokens are an exception to this. These tokens will track the trading hours of the underlying asset. Thus, the tokenized version of Coinbase on Binance will have the same trading hours as Coinbase’s share of $ COIN on the NASDAQ.
Should trading of Coinbase stock tokens be popular on Binance, it is only a matter of time before more stock tokens of traditional stocks appear on Binance.