Tesla is now part of the cryptocurrency trading platform called Binance, as a crypto stock token where users can buy and sell company shares with the different forms of money including Bitcoin and Ethereum. The company is the first electric vehicle manufacturer to dawn over the platform to bring stocks as a crypto token, which is a new venture for them.
The clean energy company from Elon Musk is now increasingly making its way as one of the most prominent companies that are investing its name with the next-generation form of money, cryptocurrency. Earlier this year, Tesla was known to have bought Bitcoins with its assets to help invest money and grow it using the cryptocurrency platform.
Tesla Is Now a Crypto Token on Binance
NEW YORK, NEW YORK - SEPTEMBER 08: A Tesla showroom stands in Manhattan on September 08, 2020 in New York City. Shares of Tesla Inc. today suffered their biggest loss since going public as technology stocks suffered another day of losses. The electric vehicle and battery maker’s stock plunged more than 21 percent. (Photo by Spencer Platt/Getty Images)
According to Electrek's report, Tesla on Binance is a major development for the company, as it allows people to buy, share, and trade company stocks using the next-generation currency of the world. Initially, Binance only offers to trade cryptocurrency on its platform, featuring the likes of Bitcoin and Ethereum, but not it has the electric vehicle manufacturer as a crypto token.
A crypto token is a "crypto" form of an entity that is not a currency of any kind, meaning that this was the viable way where Tesla can be traded off the platform as a cryptocurrency, without making one for itself. The venture is a first for the company and Binance, as this feat was never done before on the platform or for other corporations.
Initially, it was known that Tesla has allowed people to use Bitcoins to buy the company's electric vehicle models, which would make them own more of the cryptocurrency and keep it as an investment for the future. Now, the company's feat as a crypto stock token would help in their expansion and growth in shares, and also earn more cryptocurrency in the process.
How Much is Tesla Worth as a Crypto Token?
Binance has recently listed Tesla (TSLA/BUSD) stocks on its website, and it could be traded publicly where users may buy and sell the company shares as a crypto token on the platform. Users may create a profile in Binance to do this, and purchase using US dollars or other forms of cryptocurrency like Bitcoin, ether, and other prominent coins.
Tesla's stock tokens are priced at $701.42 (as of Apr. 13) with a massive volume of almost 10 million in total. The company is up by 2.29 percent in change on Binance's platform and is already available to trade on the crypto stock platform to receive stakes and grow one's ownership as an investor for the electric vehicle manufacturer.
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Written by Isaiah Alonzo
