Yesterday, Bermuda-based exchange Bittrex announced it has entered into a partnership with DigitalAssets AG (DAAG) to roll out tokenized stocks on its platform.
According to the announcement, the listing will enable investors and traders to have direct access to listed companies without paying additional fees or using an external broker.
Bittrex the second to offer tokenized trading
With this arrangement, it means Bittrex is only the second exchange to offer tokenized trading following the recent launch of the same trading by FTX exchange.
While announcing the news yesterday, Bittrex revealed that users can now buy fractions of stocks such as Google, Apple, and Tesla using US Dollars as well as crypto coins Tether and Bitcoin.
Fractional stock trading is not popular on the stock exchange. However, those who offer this feature allow the user to own a fraction of a stock, especially those stocks that are very expensive. Those who don’t have enough funds to invest in high-cost stocks can still participate by buying a fraction of a single stock.
Digital Assets AG Making Tokenized Trading Possible
DAAG has become the top enabler of this feature, as the company also partnered with FTC to launch the first tokenized stock trading service back in October. Bittrex also said traders and investors will have direct access to a wide range of top companies to choose from, including Pfizer, Netflix, and others.
The exchange also said those who don’t have access to US stock markets who want to buy US stocks can do so with the launch of the listing. Bittrex Chief Executive Officer Tom Albright has commented on the development. According to him, conventional clearing systems are complex and inefficient, but the technological advances have given users multiple options regarding the stock they want to buy.
Bittrex also has plans to expand its services to include offering exposures to indices, ETFs, and additional asset classes.
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