Top Crypto Asset Exchange Binance announced it will list three new stock tokens in the coming week after introducing tokens that track the performance of Tesla and Coinbase shares earlier this month.
On Monday Binance announced Tokenized stock pairings are introduced for a leading business intelligence company MicroStrategy (MSTR) in addition to multinational technology firms Apple (AAPL) and Microsoft (MSFT).
The tokens allow users to trade fractional units of the share tokens with the minimum trade size set to one hundredth of a token.
Binance’s MSTR tokens are slated to go live on Monday at 1:30 p.m. UTC, while the AAPL tokens will be launched on Wednesday at the same time and the MSFT tokens can be traded from Friday.
The exchange claims their share brands are “Fully backed by a portfolio of the underlying securities” held by the German financial services provider CM-Equity AG. The tokens will follow traditional trading hours for stocks.
The tokens can only be traded against the exchange’s stable coin, Binance USD (BUSD). Binance’s share brands are not available to residents of mainland China, the United States, Turkey, and other jurisdictions restricted by CM Equity.
Binance launched its first share token on April 12th, which its customers can use to speculate on the price of Tesla (TSLA). The exchange also listed partial shares for Coinbase (COIN) on April 15.
Binance’s expansion into stock tokens appears to demonstrate increasing competition between Binance and Hong Kong-based crypto derivatives platform FTX, which launched fractional stock trading in October 2020, including derivatives tracking Tesla and Apple stocks.