Binance Announces Listing Of Rival Coinbase's Stock Token

Leading cryptocurrency exchange Binance announced on Wednesday that it will be listing its rival Coinbase’s stock token “COIN” today.

According to an official announcement by Binance, the cryptocurrency exchange will open trading of COIN/BUSD pair on 14 April after Coinbase goes public on Nasdaq. The specific time isn't known yet, but what we do know is that Binance users will be able to trade factional Coinbase stock on its website.

READ ALSO: Coinbase Gifts 100 Shares Each To Employees Ahead Of Public Listing

“Binance will continue to respond to market demand by listing more stock tokens and features. Trading of stock tokens will follow traditional exchange hours and is not available for residents in Mainland China, Turkey, and other restricted jurisdictions,” said Binance.

The company went ahead to mention that the holders of stock tokens will qualify for several economic benefits on the underlying shares including potential dividends.

READ ALSO: Binance Begins Tokenized Stock Trading

Binance started trading in tokenized stocks earlier this week, beginning with Tesla. At the time, the exchange said it would list more stock tokens based on market demand. The Tesla stock token has already seen a trading volume of $6.7 million within three days of its listing on the exchange.

In other news, bitcoin and ethereum extended their rally today to reach new all-time highs of $64,829 and 2,399 respectively, according to data from Coindesk. The global cryptocurrency market has been positively influenced by the moves these top exchanges have made recently, as green bars have become the order of the day.