Posted 8 months ago | by @devadmin
Bittrex has become the second crypto exchange platform to tokenize 24/7 tokenized stock trading, or third if you count PrimeXBT which allows anyone to trade stocks using Bitcoin.
Bittrex announced the news today, that its users can now purchase portions of stocks including — Tesla, Apple, and Google, with U.S. dollars, Tether (USDT), or bitcoin (BTC). The Bermuda-based exchange stated in its press release that it has partnered with Switzerland-based tokenization solutions provider Digital Assets AG (DAAG) for the new offering to its customers. FTX another exchange has also teamed up with DAAG for its own tokenized stock trading service, which was launched in October, The Block reported.
Fractional stock trading with portions of a share allows an investor to buy less than one full share of a stock, making this feature useful for purchasing high-cost stocks like the aforementioned above allowing financial exposure. An important thing to highlight which may entice investors to use Bittrex. Much like Robinhood, users will be able to invest in stocks without having to use an external broker or pay additional fees.
The tokenized stock trading is available for Bittrex Global users and its customers can purchase, sell, and trade all of the following top stocks starting now.
- Tesla (TSLA)
- SPDR S&P 500 ETF (SPY)
- Alibaba (BABA)
- Beyond Meat Inc (BYND)
- Pfizer (PFE)
- Apple (AAPL)
- BioNTech (BNTX)
- Facebook (FB)
- Google (GOOGL)
- Netflix (NFLX)
- Amazon (AMZN)
- Bilibili (BILI)
Bittrex CEO Tom Albright explained in the release that traditional stock exchanges’ are “inefficient and complex” and trading small volumes can be costly and take days to clear.
“The traditional stock exchanges of the world’s financial capitals have for centuries set the terms for engagement and trading. Clearing systems are inefficient and complex and trading small volumes can be expensive and take days, all of which is totally unnecessary given the technological advances that have been made in the last decade,” said Bittrex Global’s CEO Tom Albright. “Blockchain technology has the potential to radically broaden access to financial services, and Bittrex Global is very proud to provide people with a portal to build their capital and private wealth in a way that was unimaginable a decade ago,” he added.
Bittrex further stated it has plans to also offer to trade in exchange-traded funds or ETFs, indices, and additional asset classes. Bittrex notes that tokenizing stocks, “marks a significant milestone in the adoption of blockchain technology by traditional financial services.”
Bitcoin is currently trading at [FIAT: $19,232.09] UP + 0.9% in the last 24 hours according to Coingecko at the time of this report.