Binance Launches Tesla Stock Token

The crypto exchange has launched zero-commission, tradable stock tokens, the first of which is Tesla.

2 min read

Apr 12, 2021

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.

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.

Tesla CEO Elon Musk. Image: Shutterstock.

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.

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%.

Get crypto news straight to your inbox--

sign up for the Decrypt Daily below. (It’s free).

Get Email!

Trump Nominates Pro-Crypto Hedge Fund Manager Scott Bessent as Treasury Secretary

President-elect Donald Trump has nominated Scott Bessent, a prominent hedge fund manager known for his pro-cryptocurrency stance, to serve as the next Secretary of the Treasury, multiple news outlets reported late Friday. Bessent, founder of Key Square Group, has been a significant economic adviser to Trump’s campaign and is expected to play a pivotal role in shaping the administration’s economic policies. Among other things, he's an ardent supporter of Trump's plan to create a strategic Bitcoin...

XRP Price Spikes to 3-Year High as Optimism Surges Over SEC Shakeup

As Securities and Exchange Commission (SEC) Chair Gary Gensler prepares to leave his post behind, a cryptocurrency targeted under his leadership is staging a notable climb. Used prominently by fintech firm Ripple Labs, the price of XRP popped Thursday as Gensler said he would resign from his leadership position at the agency when President-elect Donald Trump takes control of the White House in January. As of this writing, XRP’s price has increased 20% over the past day, with the asset reaching...

Chinese Scientists Report 'Promising Results' From Novel Alzheimer's Surgery

Chinese researchers have reported initial results from an experimental surgical procedure they say aims to address Alzheimer's disease through manipulating the brain's waste clearance systems. The findings, published in General Psychiatry, detail outcomes from what the team describes as a "cervical shunting" operation performed on a patient with Alzheimer who was able to achieve what the researchers describe as “promising” results. Alzheimer's disease progressively damages brain cells, primarily...

News

Courses

Deep Dives

Coins

Videos