Bittrex's stock trading platforms will be available 24/7, following in the footsteps of FTX by offering tokenized shares to crypto fans.
Bittrex has become the latest crypto exchange to offer tokenized stocks.
The move means customers will be able to buy shares using U.S. dollars, the Tether stablecoin and Bitcoin.
Whereas many stock trading platforms are only operational during set business hours, the company says its service will be available 24/7.
And in a world where a single share can end up costing many thousands of dollars (here’s looking at you, Amazon), investors will be able to purchase stock fractionally if they wish. Over time, this could reduce barriers to entry for those who are interested in gaining exposure to Wall Street — and result in equities becoming more affordable.
Tom Albright, the CEO of the Bermuda-based exchange, said blockchain has the potential to broaden access to financial services and allow people to build their private wealth in ways that simply weren’t possible before. He added:
“The traditional stock exchanges of the world’s financial capitals have for centuries set the terms for engagement and trading. Clearing systems are inefficient and complex and trading small volumes can be expensive and take days, all of which is totally unnecessary given the technological advances that have been made in the last decade.”
To begin with, a dozen tokenized stocks are available on the platform — including Tesla, Beyond Meat, Pfizer, BioNTech, Facebook, Netflix and Amazon. All are hot-button shares that have proven popular during the coronavirus pandemic. An exchange-traded fund tracking the S&P 500, an index that brings together 500 of America’s biggest companies, is also available.
Why This News Matters
This announcement means that Bittrex Global is following in the footsteps of FTX by offering tokenized shares to cryptocurrency enthusiasts.
All of this comes as S&P Dow Jones Indices prepares to debut cryptocurrency indexes next year, too.
As the 2020s get into full swing, we could see a far greater overlap between cryptocurrencies and stocks — especially as mainstream adoption grows and institutional demand for major digital assets continues to rise.
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