Binance, one of the leading cryptocurrency exchanges worldwide, announced today that the company is planning to list Coinbase Stock Token (COIN) today. The stock of Coinbase is making a debut on Nasdaq in today’s trading session.
According to an official announcement by Binance, the cryptocurrency exchange will open trading of COIN/BUSD pair on 14 April. Binance users will be able to trade factional Coinbase stock on its website.
Binance mentioned that the holders of stock tokens will qualify for several economic benefits on the underlying shares including potential dividends. Earlier this week, the cryptocurrency exchange started offering tokenized share trading with Tesla stock.
“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. Binance will continue to respond to market demand by listing more stock tokens and features. Trading of stock tokens will follow traditional exchange hours and is not available for residents in Mainland China, Turkey and other restricted jurisdictions. Interested traders will be required to pass Know-Your-Customer and other relevant compliance measures,” the cryptocurrency exchange mentioned in the official announcement.
Finance Magnates earlier reported about the recent surge in Binance Coin (BNB), the world’s 3rd largest cryptocurrency. BNB gained nearly 1,600% this year and touched an all-time high of $635 on 12 April. As of writing, the digital currency is trading near $585 with a total market cap of approximately $90 billion.
The stock of cryptocurrency exchange Coinbase will start trading on Nasdaq today. COIN Stock received a reference price of $250 from Nasdaq with a valuation of nearly $66 billion. Commenting on today’s listing, Brian Armstrong, Co-Founder and CEO of Coinbase, said: “Today’s listing is a milestone, but it’s not as important as every new day in front of us. Coinbase has an ambitious mission: to increase economic freedom in the world. Everyone deserves access to financial services that can help them build a better life for themselves and their families. We have a lot of hard work to do to make this a reality”.