After months of CEO Elon Musk publicly supporting Bitcoin, cryptocurrency trading app Binance announced that it would be adding Tesla stock tokens on Monday, and the stock token is already off to the races.
According to Vice President of Binance Aaron Gong, the first day for Tesla stock tokens on the exchange saw just under 10 million in trade volume (9,849,122.91 TSLA/BUSD), along with the words “a good start,” as well as the question as to what other stock tokens its customers would want to see on the app.
https://twitter.com/ag_binance/status/1381745497077993473?s=21
The new tokenized stock trading service from Binance allows users to purchase fractions of a company’s shares. Tesla is the first company to debut with the trading service.
“Each stock token on Binance will represent one share of equity stock, which is fully backed by shares stored in a depository portfolio of underlying securities, in cooperation with investment firm CM-Equity AG and asset tokenization platform Digital Assets AG,” said Binance yesterday.
“Tesla stock tokens on Binance will have a minimum trade size of one-hundredth of a stock token, representing the same fraction of a Tesla share. Stock tokens are priced and settled in Binance USD (BUSD), a regulated stablecoin pegged to the U.S. dollar and issued by Paxos Trust Co.”, explained Binance.
It appears the future is cryptocurrency everything. We’re seeing all-time highs for Bitcoin and Ethereum as we speak.
Elon Musk’s Bitcoin tweets and profile changes have caused the cryptocurrency to surge in past months, and the new customer ability to purchase a Tesla in Bitcoin is… unique, to say the least.
Still, the inclusion of cryptocurrencies makes more sense for the company than using fiat money according to Musk, who then went on to say that fiat money’s negative interest means “only a fool wouldn’t look elsewhere.”
Click here to sign up for Binance and start trading cryptocurrency now.
Canadians looking to buy Bitcoin or Ethereum can do so with ShakePay—sign up here and get $30 free with your first $100 trade.
Disclosure: Binance and ShakePay are affiliate partners of Tesla North, allowing readers to help support the site.
