Crypto exchange Bittrex Global has followed the footsteps of rival FTX to offer 24/7 tokenized stock trading.
Announcing the news on Monday, the Bermuda-based exchange said its users can now purchase fractions of stocks such as Tesla, Apple, and Google, with U.S. dollars, Tether (USDT), or bitcoin (BTC). Fractional stock trading allows buying less than one share, and this feature is convenient for purchasing high-cost stocks.
Bittrex Global has partnered with Switzerland-based tokenization solutions provider Digital Assets AG (DAAG) for the new offering. FTX also teamed up with DAAG for its tokenized stock trading service, which was launched in October.
Bittrex Global CEO Tom Albright said traditional stock exchanges' clearing systems are "inefficient and complex" and trading small volumes can be expensive and take days. “Blockchain technology has the potential to radically broaden access to financial services," he said.
Looking ahead, Bittrex Global plans to also offer trading in exchange-traded funds or ETFs, indices, and additional asset classes, per the announcement.
It should be noted that Bittrex Global is a separate legal entity from Bittrex. Bittrex Global does not operate in the U.S. and has offices in Liechtenstein and Bermuda, a Bittrex Global spokesperson told The Block.