Bittrex Global to Add Support for Tokenized Apple, Amazon and Tesla Stocks

UTC by Daria Rud · 3 min read
Bittrex Global to Add Support for Tokenized Apple, Amazon and Tesla Stocks
Photo: Shutterstock

According to Bittrex, the exchange will accept payments in US dollars (USD), Tether (USDT), or Bitcoin (BTC). Trading will be available round-the-clock seven days a week.

Crypto exchange Bittrex Global announced support for tokenized Tesla Inc (NASDAQ: TSLA), Apple Inc (NASDAQ: AAPL), Amazon.com Inc (NASDAQ: AMZN), and 9 more stocks. Now traders and investors will get direct access to listed companies without the necessity to use an external broker or pay additional fees.

In addition to Apple, Amazon, and Tesla, Bittrex will also list SPDR S&P 500 ETF (NYSEARCA: SPY), Alibaba Group Holding Ltd (NYSE: BABA), Beyond Meat Inc (NASDAQ: BYND), Pfizer Inc (NYSE: PFE), BioNTech SE (NASDAQ: BNTX), Facebook Inc (NASDAQ: FB), Google LLC (NASDAQ: GOOGL), Netflix Inc (NYSE: NFLX), and Bilibili Inc (NASDAQ: BILI). Notably, all these stocks are available even in countries where access to US stocks through traditional financial instruments is impossible.

According to Bittrex, the exchange will accept payments in US dollars (USD), Tether (USDT), or Bitcoin (BTC). Trading will be available round-the-clock seven days a week. To launch the initiative, Bittrex collaborated with DigitalAssets.AG.

Bittrex Global’s CEO Tom Albright commented:

“The traditional stock exchanges of the world’s financial capitals have for centuries set the terms for engagement and trading. Clearing systems are inefficient and complex and trading small volumes can be expensive and take days, all of which is totally unnecessary given the technological advances that have been made in the last decade.”

He further added:

“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.”

In the nearest future, Bittrex is planning to list more tokenized tokens. Besides, it considers adding ETFs, indices, and other asset classes.

Tokenized Stocks at Bittrex and Other Crypto Firms

The tokenization of stocks is an important step towards more dynamic and accessible markets. Based on blockchain technology, they are independently controlled without many restrictions. Tokenized stocks represent traditional securities, particularly shares in public firms that trade on regular exchanges. Their main benefit is that you can buy just a piece of a stock instead of an entire stock, which is easier and cheaper. Besides, you can trade tokenized stocks 24/7. Further, they have greater liquidity. Backed 1:1 to traditional stocks, tokenized stocks entitle holders to the same economic benefits of owning the underlying stock. As this type of technology is applied to other assets, it may reduce the overall costs associated with them.

Many analysts believe that in the future, far more assets are going to become tokens. This process will definitely change the way we currently view finance.

Share:

Related Articles