There was an explosion of tokenized stocks after FTX first made this possible. Ever since, every centralized exchange and even some “decentralized” exchanges have delisted them or halted trading. Let’s talk about it.
Many exchanges were listing the top tech stocks in the form of synthetic assets that were supposed to be matching 1:1 with stocks but were tradeable with cryptocurrency. This was especially interesting because it allowed people to buy fractional stocks when they may have not been able to previously, they could buy without a bank account, and they could trade it 24/7. Common stocks on these lists were Apple, Tesla, Alibaba, Google, Microsoft, Ark ETF, MicroStrategy, Amazon, AMC, EB Games, AirBnB, Intel, AMD, and other top tier blue chip tech stocks.
Now it may simply be your location given you’re forced to KYC that prevents you from trading or it may just be that they’ve prevented anyone from trading where there is no location data like Uniswap.
Bittrex cut off the ability to trade their tokenized stocks. Binance previously has Apple, Coinbase, Microsoft, MicroStrategy, and Tesla tokenized stocks but stopped allowing them to be traded October 14th, 2021. Uniswap previously allowed trading them until they were hit by the SEC and promptly removed support for many tokenized tokens. CoinCodex also used to let you trade tokenized stocks. It seems most exchanges were hit all around the same time in late June this year. Uphold allows you to trade tokenized stocks in certain countries, but I wasn’t able to purchase any. Currency.com also offer tokenized stocks but not in Canada.
Sources:
https://wallet.uphold.com/dashboard/markets
https://www.binance.com/en/stock-token
Uniswap removed these tokens: https://github.com/Uniswap/interface/blob/main/src/constants/tokenLists/unsupported.tokenlist.json
https://coincodex.com/cryptocurrencies/sector/tokenized-stocks/
https://global.bittrex.com/discover/tokenized-stocks
*Disclaimer: This is not financial advice and is purely for entertainment purposes. What you see, hear, or read is my personal opinion, and any statements made are based on my views and should not be misconstrued as fact. My crypto portfolio may or may not be simulated*
Have you bought tokenized stocks before? Are you interested in the concept? What do you think about all of these regulations against tokenized stocks? Let me know what you think about this in the comments below and don’t forget to subscribe!
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That is such a cool concept actually. Tokenizing stocks is a genius idea. I will be surely looking for more info about that.