Users Can Now Trade Tesla And Google Shares On Bittrex

Users can now trade Tesla as well as Google and Apple shares on the popular Bittrex exchange, as we are reading more in the latest cryptocurrency news.

The crypto exchange Bittrex announced that users can now trade tokenized stocks on its platform in cooperation with the digital assets.AG company. The move will allow traders to invest in US-listed companies without having to pay additional fees or using the services of the traditional brokerage. Tokenized stocks are a new-age derivatives product that represents traditional securities and shares in publicly traded companies that are traded on regulated exchanges. These products were not available earlier but the advancements in representing a value on a digital token paved the way for this to be possible. Bittrex CEO Tom Albright said:

“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.”

According to the release, 12 popular shares will be offered on Bittrex like Tesla, Google, and Facebook as well as the SPY exchange-traded fund consisting of the top 500 US companies. You can now purchase the shares with the US dollar, Bitcoin, or Tether. Similar to how the market operates, users will be able to buy a fraction of the cryptocurrency and a fraction of the tokenized stock. However, the exchange said that the market liquidity or the number of buyers and sellers traded the asset at a particular time could depend on the time of the day.

The tokenized stocks derive their value from the stocks held by CM-Equity which is a German-based regulator custodian but they are not initially exchangeable for the real stock but a future update could change that. In the meantime, Bittrex said that it plans to increase the tokenized offerings and will include more financial products like indices, ETFs, and more asset classes in the near future. Issuing the tokens that represent traditional equities was a long looked-after narrative among crypto circles but this year filled the void as Bittrex joined crypto exchanges FTX and Bitfinex who launched their own tokenized stocks and indices products this year.