Binance announced its entry into the U.S. stocks and ETFs trading market on Monday, with overseas users set to gain access to more than 7,000 U.S.-listed stocks and exchange-traded funds.
Binance revealed its plans to enable customers to convert their stocks into crypto-style digital assets, a significant stride towards its aspiration of becoming a multi-asset financial super app. Binance’s co-CEO Richard Teng told Fortune that this initiative aims to minimize the cost and complexity of purchasing U.S. stocks, especially for foreign customers.
Through collaborations with broker-dealer Nest Trading and New York-based firm Alpaca, Binance would provide zero-commission stocks and fractional share purchases starting at $5 to non-U.S. customers. They will have the option to make purchases using stablecoins USDC (CRYPTO: USDC) or USDT (CRYPTO: USDT), or other digital currencies, including Binance’s own BNB.
The company has also unveiled an ambitious plan for “bStocks” that will …
