Cryptocurrency exchange Binance is permitting users to buy fractions of companies’ shares with a new tokenized stock trading service, according to Yahoo!
The Binance Stock Tokens, launched on Monday, are zero-commission digital tokens that qualify holders for returns, including dividends.
Users will be able to purchase as little as one-hundredth of shares, including Tesla, with prices settled in Binance USD.
The announcement comes when native crypto Binance Coin of the exchange has surged more than 25% in the last 24 hours, reaching an all-time high of $637.44.
Binance’s tokenized stock is backed by a depository portfolio of underlying securities managed by an investment firm in Germany.
Binance coin is currently declining. BNBUSD is down 5.45%.
