Crypto exchange Binance to offer tokenized stocks of Apple, Microsoft, and MicroStrategy

Cryptocurrency exchange Binance will gradually list tokenized shares of tech giants Apple (AAPL), Microsoft (MSFT), and MicroStrategy (MSTR) on its trading platform over the coming week, according to an announcement published today.

Akin to stablecoins, stock tokens are pegged to certain underlying assets—shares in this case—and reflect their prices. Per the announcement, each stock token listed on Binance will represent one ordinary share of the relevant stock.

Meanwhile, the stock tokens will be fully backed by the “real” shares of the corresponding companies held by German financial services provider CM-Equity AG. Thus, holders of stock tokens will be fully eligible for returns on the underlying shares, including potential dividends.

Gradual rollout

All three stock tokens will be listed in trading pairs with Binance USD (BUSD) stablecoin. MicroStrategy (MSTR/BUSD) will be added first today, April 26, at 6:30 pm GMT.

Apple (AAPL/BUSD) will be listed on Wednesday, April 28, at 6:30 pm GMT. Finally, Microsoft (MSFT/BUSD) stock tokens trading will go live on Friday, April 30, at the same time. Trading of the new stock tokens will follow traditional exchange hours.

“Trading of Stock Tokens […] is not available for residents in Mainland China, Turkey, the United States and other restricted jurisdictions as finally determined by CM-E. Interested traders will only be able to trade Stock Tokens after satisfying all requisite Know-Your-Customer and other relevant compliance requirements,” Binance added.

Stocks and crypto intertwine

As CryptoSlate reported, traditional stocks are being actively integrated into cryptocurrency-focused ecosystems lately. 

For example, Ethereum-based decentralized finance platform Synthetix has recently launched a collection of synthetic stocks, including Synthetic Apple stock (sAAPL), Synthetic Amazon stock (sAMZN), Synthetic Netflix stock (sNFLX), Synthetic Facebook stock (sFB), and Synthetic Google stock (sGOOG)—collectively known as “FAANG.”

At the same time, traditional finance platforms are getting closer to crypto. One of them, the New York Stock Exchange, has announced in mid-April that it would issue non-fungible tokens (NFTs) for stocks as the “First Trade NFTs.”

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editorial staff