The globally recognized crypto exchange, Binance, gives birth to new opportunities for its users, enabling stock token trading. Tesla tokens are just the start. Tesla tokens will be coupled with Binance’s own USD stablecoin, having a trade size of at least 1/100th for each token. According to current statistical data, the price of a Tesla share is currently hovering the $700 mark, meaning that the Tesla stock token will have a trade size of at least seven bucks, which is frankly quite respectable if we look at the successful trade numbers mentioned later on.
Binance announced in an official blog post that support for more stock tokens is on the way to support this new trading opportunity. Binance mentioned that each and every stock token would be fully backed, meaning that the tokens will provide many more trading opportunities without worrying about them showing any redundancy.
Additional Benefits to Holders
Furthermore, stock splits and any profits earned will also be spread equally among the eligible stock token holders when they are fully validated and available for distribution, giving token holders more incentives as well as the confidence to keep on trading on the exchange.
However, there will be a time limit for stock token trading, meaning that any sort of trading will only be available at the exchange work hours, unlike standard cryptocurrency trade, which can be conducted 24/7. This is to ensure that employees working at the exchange do not overburden themselves and can return to their homes on time, respectively.
Tesla Token already pulling in numbers
Vice President of Futures at Binance stated that the exchange has managed to handle a wonderful launch. Data from Binance revealed that the Tesla token achieved around 10 Million BUSD with respect to volume in just the first day of launch, making it one of the most successful moves played by Binance, in hopes of expanding its trading capabilities while also giving its users the unique beneficial opportunities they require.
The team at Binance also teamed up with the investment company CM-Equity as well as a tokenization platform Digital Assets AG to support these new features and provide users with a safe and smooth hiccup-free experience when trading on the exchange.