Bitrue Debuts Tokenized Stock Trading Via Backed Finance’s xStocks

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Quick take:

• The stocks will be available for trading 24 hours a day, regardless of whether U.S. markets are open or closed.
• Tokenized stocks allow users in non-restricted jurisdictions to trade in some of the biggest brands in the world.
• They are not yet available for users in the United States, the U.K., and the EU.

Bitrue, a diversified exchange platform for trading, loans, and assets, has added support for tokenized stock trading via the Bitrue App. Traders from non-restricted jurisdictions will initially be able to trade in six stocks, including Apple (AAPLX), Tesla (TSLAX), Nvidia (NVDAX), MicroStrategy (MSTRX), Circle Internet Group (CRCLX), and the S&P 500 (SPYX), according to a press release.

Users from around the world will be able to trade the stocks 24 hours a day, regardless of whether or not the U.S. markets are open. However, the stocks are not yet available for users in the United States, the UK, and the EU.

According to the announcement, tokenized stocks offer a variety of benefits on top of around-the-clock trading. The stocks can be bought and sold directly using USDT and do not require a secondary broker account, meaning users do not incur broker fees. Traders are also executed within seconds and are backed by real-world assets, while blockchain technology ensures full ownership transparency.

Commenting on the announcement, Adam O’Neill, Chief Marketing Officer at Bitrue said in a statement: “With these new tokenized stocks we’re excited to have yet another opportunity to showcase one of the core principles of Bitrue – freedom of investment. We’re working to break down the barriers of traditional finance that often exclude smaller investors, and now our users have a new avenue to expand their portfolio in a manner that can deliver real returns for them.”

Bitrue users will be able to access the stocks via Bitrue Alpha, a new feature the company introduced that showcases trending tokens before they are listed on the spot exchange.

While the blockchain provides transparency of ownership, xStocks do not grant tokenised stock traders ownership of the company shares. Traders do not qualify for dividend payments and do not hold shareholder rights.

Investors are advised to do their own research before investing in tokenized stocks.