The popular crypto exchange of Binance
has announced that it will be listing the Coinbase Stock Token (COIN) today, April 14th. According to the official announcement, the token will be available through the COIN/BUSD pair with users having a chance at trading fractional shares of the Coinbase Stock.The move by Binance comes only days after the team at the exchange announced the launch of Zero-Commission tradable stock tokens. Coinbase Stock Token (COIN) is the second offering after Tesla (TSLA) which was launched on Binance on the 12th of this month. Fractional stock of the electric vehicle company are now available through the TSLA/BUSD pair.
Each stock token on Binance is fully backed as explained below.
Binance Stock Tokens are zero-commission digital tokens fully backed by a depository portfolio of underlying securities that represents the outstanding tokens. Holders of stock tokens qualify for economic returns on the underlying shares, including potential dividends.
To note is that the FTX crypto exchange has already started trading of Coinbase Pre-IPO contracts under the CBSE/USD pair. Users of the exchange can trade the contracts with up to 5x leverage.
The contracts will be converted to tokenized Coinbase fraction stocks after the first day
of official trading of COIN on Nasdaq.At the time of writing. CBSE/USD is trading at $604 with the team at Unfolded capturing the contracts at a recent all-time high of $622 as seen through the following tweet. The team went on to explain that such a value implies a Coinbase valuation of roughly $160 Billion.