Cryptocurrencies: 5,988
Markets: 545
Marketcap: $ 501.26 B
24h Vol: $ 129.14 B
BTC Dominance: 61.92%

Global market data

Cryptocurrencies: 5,988
Markets: 545
Marketcap: $ 501.26 B
24h Vol: $ 129.14 B
BTC Dominance: 61.92%

[THE BLOCK] Crypto exchange FTX now offers tokenized equity trading

The Block

Cryptocurrency exchange FTX has ventured into the space of tokenized equity trading.

The exchange now lets users buy fractions of shares such as Tesla, Amazon, and Apple. Fractional stock trading allows buying less than one share, and it is particularly useful for high-cost stocks.

FTX has partnered with German financial services firm CM-Equity, and Switzerland-based tokenization solutions provider Digital Assets AG, for the new offering.

FTX CEO Sam Bankman-Fried told The Block that “a lot of customers” have been asking for a stock trading feature for a while, and CM-Equity and DAAG helped enable the offering.

“CM-Equity custodies the stocks. Tokens on them are then traded on FTX, redeemable for the underlying stocks,” said Bankman-Fried. “CM-Equity is a licensed entity and conducts compliance on all of the participating customers and trades.”

DAAG, on the other hand, played a “key part” in putting the partnership together, said Bankman-Fried. DAAG helps its clients to tokenize financial products, according to its website.

Elsewhere in the market, crypto firms Abra, Uphold, and Robinhood also offer fractional stock trading, among other companies.

© 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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