Digital currency exchange Bittrex Global has launched 24/7 tokenized stock trading. Through its partnership with Swiss-based DigitalAssets.AG (DAAG), Bittrex Global users can now buy 12 stocks that trade on U.S. stocks markets; Tesla (TSLA), SPDR S&P 500 ETF (SPY), Alibaba (BABA), Beyond Meat Inc (BYND), Pfizer (PFE), Apple (AAPL), BioNTech (BNTX), Facebook (FB), Google (GOOGL), Netflix (NFLX), Amazon (AMZN), and Bilibili (BILI).
The traditional stock exchanges of the world’s financial capitals have for centuries set the terms for engagement and trading. Clearing systems are inefficient and complex and trading small volumes can be expensive and take days, all of which is totally unnecessary given the technological advances that have been made in the last decade. Blockchain technology has the potential to radically broaden access to financial services, and Bittrex Global is very proud to provide people with a portal to build their capital and private wealth in a way that was unimaginable a decade ago,
said Bittrex Global’s CEO Tom Albright. The platform’s tokenized stock product comes just a few weeks after the digital currency exchange FTX launched tokenized stock trading. Similar to FTX, Bittrex Global users can purchase fractions of a stock, and can buy as low as $10 worth of the stocks available on the platform. However, unlike FTX, Bittrex users will not be able to redeem their tokenized stocks for the underlying stock.
Opening the market
Bittrex Global’s tokenized stock product is making investing in stocks that trade on the US stock market accessible to individuals around the world. “These tokenized stocks are available even in countries where accessing US stocks through traditional financial instruments is not possible,” said Bittrex Global’s official announcement.
As we mentioned in our article about FTX launching tokenized stock trading, other digital currency exchanges will most likely launch a tokenized stock trading feature/platform of their own. Using a blockchain to exchange data is one of the best ways to increase transaction speeds while reducing costs. It is only a matter of time until even more digital currency exchanges follow in the steps of FTX and Bittrex.
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