Tesla’s stock is now the first to trade as a token on Binance’s exchange. This means that people are now able to buy fractional shares using cryptocurrency for the first time.
This move comes after the company recently began accepting Bitcoin payments for cars. It also bought $1.5 billion in Bitcoin in February, too.
Binance for its part is one of the world’s largest exchanges in terms of cryptocurrency. Today, it announced Zero-Commission, Tradable Stock Tokens with Tesla being the first.
“Binance Stock Tokens are zero-commission digital tokens fully backed by a depository portfolio of underlying securities that represents the outstanding tokens. Holders of stock tokens qualify for economic returns on the underlying shares, including potential dividends.”
The price of a Tesla token is linked to BUSD which, in turn, is a cryptocurrency attached to the value of the United States Dollar.
How to buy it? Well, follow our guide on it here: How To Buy Dogecoin, BTC, ETH On iPhone Or Android Easily.
The first Binance Stock Token to be listed is Tesla Inc. (TSLA). Trading for the TSLA/BUSD pair is scheduled to open at 2021-04-12 1:35 PM (UTC). Users will be able to trade fractional Tesla stock on the Binance website.
What makes the new approach so interesting is the fact it allows people to buy a fraction of a token, whereas people can’t do the same with traditional shares.
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