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Binance Is All Set To List Stock Token Of Coinbase Today

Binance, a popular cryptocurrency exchange, is expected to list competitor Coinbase’s stock token later today. The listing will take place after Coinbase goes live on Nasdaq at a UTC time, and the precise period is yet to be determined. Binance consumers would be able to exchange Coinbase stock in fractions as a result of the listing.

Binance began trading in tokenized stocks earlier during this week, with Tesla being the first. The exchange had stated at the time that it would be listing even more stock tokens, though this would be largely dependent on market demand. Nevertheless, within three days of its listing on Binance, the Tesla stock token, in particular, had an estimated trading value of $6.7 million.

Coinbase already on FTX

It is worth noting that the FTX cryptocurrency exchange has already begun trading Coinbase Pre-IPO contracts under the CBSE/USD pair. Users of the exchange may use up to 5x leverage to swap the contracts. Furthermore, after the first day of official COIN trading on Nasdaq, the contracts will also be changed to tokenized Coinbase fraction stocks. 

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As of the time of this writing, the CBSE/USD pair is currently trading at $604, with the Unfolded team catching the contracts at a new all-time high of $622. The team further said that such a price translates to an estimated total valuation of Coinbase at about $160 billion.

Restrictions to be implemented

The stock tokens of Binance are valued and settled in BUSD, which means they can be purchased and redeemed with the exchange’s own stablecoin.

In compliance with increasing security measures, participating traders must also clear know-your-customer among other related compliance checks prior to trading. Moreover, residents of Turkey, the United States, mainland China, and any other excluded jurisdictions, on the other hand, are prohibited from purchasing stock tokens through Binance. Also, as Binance operates during standard market hours for tokenized stock trading, the Coinbase stock token shall be operating during Nasdaq hours. 

It is certainly an interesting time for cryptocurrency as the industry becomes more popular than ever before. Many mainstream news and media outlets have been covering crypto-related stories for some time now, and even the United States government itself had stated that Bitcoin can no longer be ignored and must be appropriately regulated. Whatever the future does hold for the industry, hodlers remain optimistic.

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MubaShar Nawaz (United Arab Emirates)

MubaShar Nawaz is an experienced crypto writer working for Tokenhell. Having passion for writing, he covers news articles from blockchain to cryptocurrency.

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