Cryptocurrency exchange Bittrex announced on Monday that it will now allow its users to trade popular stocks.
After derivatives platform FTX, Bittrex is the latest one to list the tokenized stocks on its exchange. This is made possible through its partnership with Digital Assets.AG.
Digital Assets.AG is a Swiss-based company that facilitates the tokenization of traditional financial assets. This will allow investors and traders to directly access the listed companies without an external broker or additional fees.
The popular stocks available to purchase and trade on Bittrex include Tesla (TSLA), Alibaba (BABA), SPDR S&P 500 ETF (SPY), Beyond Meat Inc (BYND), Pfizer (PFE), Apple (AAPL), BioNTech (BNTX), Google (GOOGL), Facebook (FB), Amazon (AMZN), Netflix (NFLX), and Bilibili (BILI).
These stocks will be tradeable against US dollars (USD), Tether (USDT), and Bitcoin (BTC).
“The traditional stock exchanges of the world’s financial capitals have for centuries set the terms for engagement and trading,” said Tom Albright, the chief executive of Bittrex Global adding that the decade-old inefficient, complex, and expensive infrastructure is “totally unnecessary.” He said,
“Blockchain technology has the potential to radically broaden access to financial services, and Bittrex Global is very proud to provide people with a portal to build their capital and private wealth in a way that was unimaginable a decade ago.”
Unlike the traditional stock market, Bittrex will allow people to trade twenty-four hours a day, seven days a week. Additionally, users can purchase a fraction of stock instead of entire shares. Even the countries where access to US stocks though traditional finance is not possible will now be able to trade them.
This is just the beginning as the exchange plans to “quickly increase their offerings by giving its customers exposure to ETFs, indices, and additional asset classes.”