Binance to list tokenised Coinbase stock tokens
On Wednesday, 14 April, Binance will list Coinbase Stock Token (COIN), backed by a portfolio of real shares from the American exchange.
As an exchange, we won’t miss out on good trading volume. Also rooting for $COIN. https://t.co/oAkONw4liZ
— CZ 🔶 Binance (@cz_binance) April 14, 2021
Binance postponed listing COIN due to market volatility.
On Thursday, 15 April (slightly after 18:00 MSK), COIN trading began on Binance.
COIN will trade against the stablecoin BUSD only in the traditional trading session. The tokens will allow users to purchase a fractional share — a portion of one share.
Token holders are entitled to potential dividends in line with shareholders.
Trading of COIN is not available to residents of mainland China, Turkey, and several other jurisdictions.
Changpeng Zhao stressed that many exchanges refrain from listing Binance Coin because they do not want to help a competitor. At Binance, by contrast, they will not miss out on strong volumes or community-backed coins.
Some exchanges resist listing #bnb as they think it may help @binance. Their loss. They miss out on the 3rd market cap coin and ecosystem.
We evaluate/list peer exchange coins same as any other coin. If they have users, we list. Win win.
Open mindset.
— CZ 🔶 Binance (@cz_binance) April 14, 2021
In a comment to ForkLog, Zhao said that the exchange’s move onto the stock market signals the industry’s acceptance by traditional money.
A landmark moment for the industry. This [direct listing of Coinbase] will open doors for other businesses.
FTX exchange delisted the CBSE/USD contract, which tracks Coinbase’s expected share price. Each CBSE was converted into 1.0452 COIN — a new contract tracking Coinbase’s market capitalization with 261.3 million shares outstanding. If the shares in circulation at the close of the first trading session align with this figure, the COIN contract will be converted into tokenised Coinbase shares on a 1:1 basis without changing the ticker. If not, FTX will recalculate the ratio.
Two days earlier Binance added tokenised Tesla stock to its listings.
Coinbase direct listing on Nasdaq is set for April 14. Its debut could be the largest technology company listing since Facebook.
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