Bittrex lists tokenised stocks for Amazon, Tesla, Google and more

Bittrex lists tokenised stocks for Amazon, Tesla, Google and more

By Hassan Maishera - min read
Bittrex cryptocurrency exchange website

Bittrex Global launched trading in tokenised stocks that would allow its users to trade stocks of popular companies, including Amazon, Apple, Tesla, Google and others

Cryptocurrency exchange Bittrex revealed that it had launched tokenised stocks for leading global companies. According to the cryptocurrency exchange, its users can trade the tokenised versions of Amazon, Apple, Tesla, Google and a few other stocks.

Bittrex will be working with DigitalAssets.AG to roll out this product to its users. According to the press release, “the product will allow traders and investors direct access to listed companies without having to use an external broker or pay additional fees. Shares can be purchased using either US dollars (USD), Tether (USDT) or Bitcoin (BTC), twenty-four hours a day, seven days a week”.

The tokenised stock, which would be available via the Bittrex platform, will allow customers to buy a fraction of stock without buying the entire shares. The underlying risks of the tokens would be derived from the tokenised company.

Bittrex launched this product to allow users in countries without access to U.S stocks to trade them. The company stated that “these tokenised stocks are available even in countries where accessing US stocks through traditional financial instruments is impossible”.

This latest development is the first of many for Bittrex. The crypto exchange revealed that stocks’ tokenisation is the first step towards creating accessible and dynamic financial markets where security token offerings (STOs) can attract a wide range of investors.

By launching the tokenised stocks, Bittrex is hoping to make changes to the current traditional stock markets. The crypto exchange stated that the traditional stock exchanges had set the terms of engagement and trading for centuries. However, their clearing systems remain inefficient and complex. Small-time traders find it hard to trade low volume stocks as it is expensive.

Bittrex hopes to change all that by using blockchain technology. The exchange believes that blockchain has what it takes to radically broaden access to financial services, and Bittrex will leverage the technology to provide trading services to as many people as possible.

In addition to Tesla, Google, Amazon and Apple, some of the other stocks you can find on the Bittrex tokenised stocks page include Pfizer, Alibaba, Facebook, BioNTech, BeyondMeat, Netflix, SPDR S&P 500 ETF and Bilibili.