Binance to Add Tradable Coinbase Stock Token After the Nasdaq Listing
With the crypto and perhaps the entire financial world focused on Coinbase’s direct listing scheduled to occur today, Binance announced it will list the stock token after the Nasdaq public listing is complete.
Binance to List COIN/BUSD
CryptoPotato reported the latest initiative from the world’s leading crypto exchange Binance in which the company introduced zero commission tradable stock tokens. The so-called Binance Stock Tokens enable holders to qualify for economic returns on the underlying shares, including potential dividends.
The exchange said the first such token to see the light of day would be Elon Musk’s Tesla. It seems as the initiative has enjoyed a rapid adoption from users as the trading volume has neared $7 million in a matter of days.
Consequently, Binance has decided to expand its portfolio of available stock tokens by introducing a second one, which will also be settled with the exchange’s native stablecoin – BUSD.
“Binance will list the Coinbase Stock Token (COIN) on 2021-04-14 (UTC), during which the COIN/BUSD trading pair will be open. Users will be able to trade fractional Coinbase stock on the Binance website.”
It’s worth noting, though, that the Binance Stock Tokens are not available for everyone. Users based in Mainland China, Turkey, the US, and other restricted jurisdictions are prohibited from trading them.
Coinbase’s Nasdaq Listing
All eyes are on the largest US-based cryptocurrency exchange today as its direct listing on Nasdaq Global Select Market is scheduled to complete by the end of the working day.
Coinbase averted from using the more traditional IPO process, which requires the usage of intermediaries called underwriters (usually banks) to facilitate the listing. Instead, the company chose the direct listing approach (also known as a direct public offering (DPO)). With it, Coinbase will be able to start selling shares directly to the public without the employment of intermediaries.
The community has outlined numerous potential evaluations ranging from about $90 billion to over $150 billion. The precise number will become known upon the official listing.
Nevertheless, Coinbase going public is highly essential news for the entire cryptocurrency industry as it validates the growth experienced in the past decade or so. Additionally, it opens the door for other firms from the space to follow along, with Kraken, Bakkt, and eToro announcing similar plans.
Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).
PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.