Binance Is Listing A Tokenized Stock of Coinbase, CZ says ‘Rooting for $COIN’

Binance CEO says while some exchanges resist listing BNB and miss out on it, they won’t do the same — “If they have users, we list.”

Leading cryptocurrency exchange Binance will be listing the stock of rival exchange Coinbase (COIN) today just as the stock makes its trading debut on the Nasdaq.

Binance will allow trading for COIN/BUSD while the pre-IPO contracts are already trading on the FTX exchange.

“As an exchange, we won’t miss out on good trading volume. Also rooting for COIN,” tweeted Binance CEO Changpeng Zhao.

In response to this listing, former Coinbase CTO and board partner at venture capital firm Andreessen Horowitz, Balaji Srinivasan, said, while it is Coinbase’s day, he is “looking forward to everyone’s success,” as “a rising coin lifts all boats.”

“Binance is a phenomenal company, as are Kraken, ShapeShift, Blockchain, and the rest of the veterans in the space.”

“If They Have Users, We List”

This listing is part of Binance’s latest feature stock tokenization which the exchange announced earlier this week, with Tesla being the first stock that started trading.

The zero-commission digital tokens fully backed by the underlying securities have been made possible with the exchange’s partnership with German investment firm CM-Equity AG and Swiss-based Digital Assets AG.

This service is not available to the residents of Mainland China, Turkey, and other restricted jurisdictions.

The exchange tokens are also pumping in anticipation of Coinbase listing, which is expected to be the largest IPO in history with more than $100 billion valuation.

FTT, the native coin FTX exchange, has rallied 890% this year so far to $57.52. Binance’s BNB, meanwhile, has soared a massive 1,500% during this time period to currently trading above $580. BNB -0.77% BNB / USD BNBUSD $ 238.24
Volume 866.08 m Change -$1.83 Open $238.24 Circulating 163.28 m Market Cap 38.9 b
6 mon SEC Rejects Another Spot Bitcoin ETF, Binance Announces New System to Remove BNB from Circulation 6 mon BitMEX Launches BMEX Token for Active Users, US Not Eligible for Airdrop 6 mon Crypto Outliers: Terra (LUNA) Amasses $16.9 Bln & Surpass BSC, Avalanche (AVAX) Aims for 1 Million Daily Transactions

The entire cryptocurrency market is green with elation, sending the total crypto market cap to $2.33 trillion. For BNB, the added benefit is of Binance Smart Chain, which continues to see increasing usage thanks to the low fees.

“Some exchanges resist listing BNB as they think it may help binance. Their loss. They miss out on the 3rd market cap coin and ecosystem. We evaluate/list peer exchange coins same as any other coin. If they have users, we list. Win-win. Open mindset.”

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