Popular cryptocurrency exchange Binance is launching trading of Coinbase tokenized shares today. According to the platform, the Coinbase Stock Token (COIN) will be included in the COIN/BUSD trading pair. Coinbase is scheduled to go public on the NASDAQ today.
Binance CEO Changpeng Zhao said:
"As an exchange, we won’t miss out on good trading volume. Also rooting for $COIN."
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Binance rolled-out commission-free tokenized stock trading earlier this week, with shares of US electric vehicle maker Tesla being the first to be available on the platform. TSLA/BUSD market turnover on Binance over the past 24 hours has climbed to more than 6M in the BUSD stablecoin.
The company has highlighted the holders of tokenized shares on its platform can qualify for payments on the underlying shares, including potential dividends. However, this does not apply to Coinbase, which is a growth company and may not start offering additional incentives to its shareholders anytime soon. For the foreseeable future, the owners of tokenized Coinbase shares will only profit from rising share prices in the open market.
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