FTX adds 9 more tokenized stocks including Square, PayPal, MicroStrategy etc.

  • 20 November 2020, Friday, 08:06
FTX adds 9 more tokenized stocks including Square, PayPal, MicroStrategy etc.
Source: Pixabay

Crypto derivatives exchange, FTX has added nine more tokenized stocks, available for spot and futures trading to the exchange. The newly added tokenized stock listings on FTX are Square, PayPal, MicroStrategy, Moderna, Zoom, Nio, Twitter, Uber, and NVIDIA.

Users will also be able to get the actual shares transferred to them when applied for, as confirmed by FTX founder SBF on Twitter. Brokerage services on the exchange have been made possible thanks to FTX’s partnership with fully regulated German firm CM-Equity.

All FTX users who trade tokenized stocks may also have to become customers of CM-Equity, and pass through CM-Equity’s KYC and compliance. Furthermore, all trading activity may be monitored for compliance by CM-Equity.

In order to trade in tokenized stocks on FTX, users must also be at least KYC level 2, which allows them unlimited crypto withdrawals. The particular stocks listed have generated a lot of interest in both the traditional finance and crypto markets.

Square, PayPal and Microstrategy have rallied of late on crypto-related news, and the others have flourished due to innovations and unique product offerings amidst the pandemic.

I wonder why this company Microstrategy keeps talking about boosting its Bitcoin holdings. Oh… $MSTR pic.twitter.com/oXXBrgIJYG

— Joe Weisenthal (@TheStalwart) September 14, 2020

MicroStrategy, in particular, witnessed steadily declining revenue from 2013, however, its stock price rallied considerably after the announcement of its large Bitcoin purchase, confirming the fact that investors were not buying into any outstanding fundamentals, but instead into MicroStrategy’s bet on Bitcoin.

Until a BTC ETF becomes a reality, crypto investors may continue to buy into these public companies that have taken a position in Bitcoin.

FTX offering of these unique tokenized equities will provide easier access for those that want in on the action with an easier bridge to traditional financial markets.

Source: ambcrypto.com