In brief
- Binance has launched Binance Stock Tokens.
- Trading for the first stock token, Tesla, is set to go live today.
Crypto exchange Binance has announced the launch of zero-commission tradable stock tokens that allow users to trade in fractional stocks. All stock tokens are denominated, settled and collateralized in Binance USD (BUSD), a US dollar-denominated stablecoin.
The first Binance Stock Token (BST) to be listed is Tesla Inc. Trading for the TSLA/BUSD pair will open at 13:35 UTC on April 12, 2021.
Binance Stock Tokens
Binance stock tokens are digital tokens that are backed by a portfolio of underlying securities.
Here's How Much It Costs to Buy a Tesla With Bitcoin
Lamborghinis have been the traditional status symbol for Bitcoin millionaires. After today, expect to see more crypto influencers rolling up in Teslas. When Tesla reported its $1.5 billion purchase of Bitcoin to the US Securities and Exchange Commission, the electric automaker mentioned an important detail in the filing: It wasn’t just buying thousands of Bitcoin—it was going to start accepting them for its products, too. On March 24, Telsa CEO Elon Musk confirmed that the automaker is now offer...
Holders of these tokens qualify for economic returns on the underlying shares, including potential dividends, per the Binance website.
While the TSLA stock token is the first to be listed, the exchange intends to “respond to market demand” by listing more stock tokens and features in the future.
Tesla and cryptocurrency
This isn't the first time that Tesla has crossed paths with the world of cryptocurrency.
Earlier this year, the EV manufacturing company—led by CEO Elon Musk—announced a whopping $1.5 billion investment into Bitcoin. In March, the company began accepting Bitcoin as a form of payment for its cars. Tesla intends to hold any Bitcoin received from purchases of its products, rather than converting it into fiat currency.
Tesla Helped Patch A Bug On This Bitcoin Payment Processor
EV manufacturer Tesla has helped to patch a bug found on Bitcoin's open-source payment processor and wallet BTCPay Server. Tesla also helped identify the bug in the first place. Tesla noticed the bug and informed the BTCPay Server team in a way that was described as responsible disclosure. “We want to thank @teslamotors for filing a responsible disclosure, helping us with remediation, and handling the situation professionally,” the team tweeted. We want to thank @Tesla for submitting the d...
CEO Elon Musk has become one of the most prominent advocates for cryptocurrency; in February of this year, Musk said that investors “might as well have crypto” if they were considering investing in gold. And soon after he updated his Twitter bio to Bitcoin, the cryptocurrency's price spiked by 20%.
