The launch of the Tesla token on the largest crypto exchange Binance was quite successful, as on the first day the trading volume was approximately $ 10 million.
As you know, yesterday the exchange launched trading in a new product – tokenized securities, or tokens representing the shares of companies that have successfully passed the listing. The first such token was TSLA paired with the Binance BUSD stablecoin.
The TSLA token reflects the value of Tesla shares of the same name, listed on the Nasdaq, and tracks the dynamics of the stock market. However, unlike buying real shares, the TSLA token does not give the right to vote in Tesla, while Binance’s guidance indicates that the owner has the right to claim dividends and economic benefits from the underlying shares.
In any case, 14,000 share tokens worth $ 9.8 million were sold in less than 24 hours.
Thus, thanks to this tool, the stock market enters the cryptocurrency market.
“Thanks to Elon Musk for bringing cryptocurrency to Tesla, and we are converting Tesla to cryptocurrency,” Binance CEO tweeted.
More about the innovation
Binance Tradable Stock Tokens are digital tokens 100% backed by a custodian portfolio backed by underlying securities. They are freely tradable tokens with zero commission.
If there is market demand, Binance will publish even more tokenized shares and develop functionality to work with them. Stock tokens will be traded at specific hours, consistent with established market traditions. Some restricted jurisdictions (such as mainland China and Turkey) cannot trade.