Following the launch of tokens monitoring the success of Tesla and Coinbase shares earlier this month, top crypto asset exchange Binance has announced that it will list three new stock tokens in the coming week.
Binance reported on Monday that it would introduce tokenized stock pairings for MicroStrategy (MSTR), as well as multinational tech firms Apple (AAPL) and Microsoft (MSFT) (MSFT).
The tokens will allow users to trade fractionalized units of the share tokens, with minimum trade sizing set at one one-hundredth of a token.
Binance’s MSTR tokens are slated to go live at 1:30 pm UTC on Monday, while the AAPL tokens will launch at the same time on Wednesday, and MSFT tokens will be tradable from Friday.
The exchange asserts its stock tokens are “fully backed by a depository portfolio of underlying securities” held by German financial services provider CM-Equity AG. The tokens will observe traditional stock trading hours.
The tokens will only be tradable against Binance USD, the exchange’s stablecoin (BUSD). Residents of mainland China, the United States, Turkey, and other CM-Equity-restricted jurisdictions are unable to purchase Binance stock tokens.
On April 12, Binance released its first stock token, enabling users to speculate on the price of Tesla (TSLA). Coinbase (COIN) fractional shares were also listed on the exchange on April 15.
Binance’s move into stock tokens appears to be a sign of the rivalry with FTX, a Hong Kong-based crypto derivatives exchange that began fractionalized stock trading in October.