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Now, Tesla shares can be traded as digital currencies on the Binance platform

Source:

Through a partnership with a German-based investment company and the Swiss “Digital Assets AG”, Binance will offer Tesla shares for trading in the form of digital currencies whose value is based on the value of Tesla’s share, and the trading process will be without commission at the outset.

Each new digital currency will represent one share of Tesla stock and will be fully supported by a core securities depository portfolio.

Binance launches cryptocurrencies representing shares that can be traded without commission:

Binance announced its latest developments in a press release, indicating that expansion and innovation in the field of cryptocurrency trading is possible and continuous through cooperation with the famous crypto platform “Digital Assets AG” and the licensed German investment company “CM-Equity AG”.

Since digital currencies are fully backed by shares of “Tesla” company, holders of the digital currency represented by “Tesla” share will get economic returns just like other holders of “Tesla” shares, including potential profits.

Essentially, this means that Tesla stock cryptocurrencies represent the economic ownership of the underlying stock asset but without the need to hold a physical stock certificate.

According to the press release, this option would reduce investor expenses and enable them to participate more financially.

It is worth noting that these stock digital currencies are not stocks, but will qualify their holders to obtain exposure to the underlying assets.

Unlike traditional stocks, the new Binance product can be segmented, allowing users to access specific stocks at different units and prices.

Mr. CZ, CEO of Binance, commented about the new product:

Equity currencies demonstrate how we can democratize the transfer of value more smoothly, reducing friction and accessibility costs, without compromising compliance or security.

By connecting traditional markets with digital currencies, we are building another technology bridge for a more inclusive financial future.

The start with “Tesla”:

The Tesla stock was the first stock to be represented in a digital currency for trading on the Binance platform.

The minimum trade size is one hundredth of the digital currency based on the value of the stock, which is the same fraction of a share of Tesla share.

The Tesla stock digital currency will be available for trading against the BUSD stablecoin.

The “FTX” platform is one of the first trading platforms to include digital currencies and symbols representing shares of international companies for trading against cryptocurrencies

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