As the cryptocurrency and possibly the entire financial world is focused on the direct listing of Coinbase scheduled for today, Binance announced that it will list the tradable stock token of Coinbase following the successful public listing on Nasdaq. Binance's so-called tradable stock tokens allow holders to claim economic profits from the basic stock, including potential dividends.
The exchange announced that the stock tokens of Tesla of Elon Musk were the first to be listed. This initiative was quickly adopted by users as trading volume on Binance approached $7 mln in a matter of days. Consequently, the crypto exchange decided to expand its portfolio of available stock tokens by introducing a second one, which will also be settled using the exchange's native stablecoin – BUSD.
However, it is worth noting that Binance stock tokens are not available to everyone. Users located in mainland China, Turkey, the United States and other limited jurisdictions are prohibited from trading them.