Second crypto exchange launches tokenized stock trading

Cryptocurrency exchange, Bittrex Global Ltd. will now offer tokenized stocks trading twenty-four hours a day, seven days a week.

The Bermuda based crypto exchange made the announcement on Monday. Users of Bittrex will have direct access to purchase shares of listed companies such as Tesla (TSLA), Amazon (AMZN), SPDR S&P, 500 ETF (SPY), Alibaba (BABA), Apple (AAPL), BioNTech (BNTX), Facebook (FB), Pfizer (PFE), Google (GOOGL), Netflix (NFLX), Bilibili (BILI) and Beyond Meat Inc (BYND).

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The new product was launched in partnership with Switzerland-based tokenization platform, Digital Assets AG (DAAG). Bittrex is the second crypto exchange to offer tokenized stocks trading services after FTX teamed up with Digital Assets AG (DAAG) in October.

The new product will allow users of Bittrex to directly purchase the stocks of listed companies without needing an external broker or paying additional fees. Traders and investors can purchase a fraction of a share without having to purchase entire shares.

Tom Albright, CEO of Bittrex Global in a statement by Businesswire.com 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.

Shares of listed companies can be purchased using US dollars (USD), Tether (USDT) or Bitcoin (BTC) and can be traded against over 250 digital assets listed on the Bittrex Global exchange. These tokenized stocks will be available even to those in countries where trading US stocks is not possible.