Cryptocurrency markets are growing]ng exponentially in the current times, and the leading exchanges are continually innovating to onboard newer features to attract a more extensive customer base.
Bittrex, one of the largest crypto exchanges, has announced the introduction of tokenized stock trading on its platform through an affiliate called Bittrex Global.
Bittrex Global opens for tokenized stock trading for publicly listed firms
The company shared details of the launch, noting that the tokenized derivatives of the various traditional stocks for the publicly traded firms like Facebook, Apple, and Tesla would be available on the platform. The company said that tokenized stocks are tokenized derivatives that represent “traditional securities, particularly shares of a publicly listed company on regulated exchanges.”
As per the press release published on Business Wire, the Global CEO of Bittrex, Tom Albright, said that “Blockchain technology has the potential to broaden access to financial services radically”.
He added,” 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.”
The platform would enable investors to get direct access to the stocks of the various publicly listed companies like Google, Netflix, Pfizer without any additional cost or dependence on third party brokers. This gives them convenience and makes the process faster for investors. The exchange has launched the service in association with the Digital Assets.SG, which would allow the users to buy tokenized derivatives of the shares in Dollars or bitcoin.
Bittrex said that the traders in various countries that do not have access to US stock markets would also be able to access listings. The tokenized stocks are growing substantially in the cryptocurrency firms. Bittrex has said that the tokenized stock initiative is aimed to build a larger number of accessible markets to promote business with diverse investors. Bitcoin also looks to tap the exchange-traded funds and asset classes in the coming days.
The users would be able to trade the tokenized stocks along with 250 digital assets on the Bittrex Global exchange. The introduction of the tokenized derivative is Bittrex’s giant leap towards the adoption and promotion of blockchain technology.
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