tesla [westernexploit.com]

Binance Launches Tesla Token For Stock Trading

binance [westernexploit.com]

Binance, a cryptocurrency exchange platform, has announced the launch of Binance Stock Tokens (BST), which will enable users to trade fractional stocks without paying a fee.

The cryptocurrency exchange’s first BST will be Tesla (NASDAQ:TSLA), which will be available for fractional trading on April 12, 2021.

Binance USD (BUSD), a US dollar-denominated stablecoin, is used to denominate, settle, and collateralize all of the crypto exchange platform’s stock tokens.
Binance’s stock tokens are backed by a portfolio of underlying securities, according to a study from Decrypt.
As a result, holders of the tokens will be eligible for dividends and other returns on the underlying stock.

Binance’s stock token program is currently only supporting Tesla stock.
However, the exchange has indicated that it intends to adapt to market demand, which means that if there is enough demand, more stock tokens will likely be available in the future.

telsa logo [westernexploit.com]
telsa logo [westernexploit.com]
Given that Tesla is also an automaker that accepts vehicle payments through Bitcoin, having Tesla as Binance’s first stock token is very symbolic.
Tesla made headlines earlier this year when it revealed that it had invested $1.5 billion of its cash in Bitcoin and that CEO Elon Musk will finally welcome cryptocurrency payments.

Musk’s words were spot on.
Tesla’s vehicle configurator was modified last month to accept Bitcoin payments, which was welcomed by many in the electric vehicle group.
Although the taxes associated with such transactions could be important, the fact that cryptocurrency could be used to directly buy a high-end all-electric vehicle was noteworthy, if not revolutionary in and of itself.

Over the last few months, Elon Musk has been very vocal about his support for cryptocurrencies.
Apart from his regular Dogecoin jokes and memes, Musk has confirmed that he supports Bitcoin and agrees that the cryptocurrency is on the verge of gaining widespread acceptance among traditional finance people.

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