Hong Kong Gaming Firm Converts $49M in Ether to Bitcoin
Following its latest acquisition, Boyaa Interactive now holds 3,183 Bitcoin, an increase from the 2,635 it owned at the end of September.
One of the leading cryptocurrency futures exchange FTX, has launched digital assets representing shares of international firms. The trading in “fractional stocks offerings” was launched today in partnership with Firm CM-Equity and digital tokenisation firm Digital Assets AG.
What are the new products listed for trade on FTX?
The equity and cryptocurrency pairings available for trade on the platform include tokenised Tesla, Apple, and Amazon stock derivatives.
The stock derivatives will be purchased through fractionalised ownership, which allows investors and traders to purchase the derivatives broken down into smaller units. This means that retailers will be able to speculate and invest in an expensive trading stock like Tesla and Apple without forking out a massive amount of capital.
According to Sam Bankman-Fried, FTX’s chief executive, this fresh offering will allow a creative way for traders to show where the value is without buying the shares at full price.
Bankman-Fried stated:
“These products demonstrate a powerful future, in which assets are digitized and traders have unlimited creative potential to express their beliefs about the markets. Both crypto trading and equities trading have been steadily attracting a wider audience with new market participants coming in. These fractional stock products reflect the reality that today’s traders are industry and sector spanning and want trading opportunities that fully match their interests and mindset.”
Digital tokens the way of the future?
From the cryptocurrency point of view, the timing might be well-suited for the product launch, given the interest and attention the industry is receiving. As the US dollar and the global economy continue to struggle to regain any strength, investors and traders seem to be opting for safe-haven assets. Bitcoin and altcoins in the cryptocurrency market seem to be one of the leading hedges at present; the proof of which lies in the spike of institutional investors flooding to buy Bitcoin.