Binance, the world’s biggest cryptocurrency exchange, announced on Monday that its users will be able to trade more than 7,000 U.S. stocks and ETFs. The company also announced an upcoming plan to allow customers to convert the stocks they hold into crypto-style digital assets as part of its broader ambition to become a “multi-asset financial super app.”
In an interview with Fortune, Binance co-CEO Richard Teng noted that U.S. stocks currently represent well over half of the global equities market, but that for many people in overseas markets, purchasing them comes with considerable cost and friction. Binance is seeking to address this, he said, by offering zero commission stocks to non-U.S. customers, as well as fractional share purchases starting at $5.
The share purchases on Binance will be arranged by a broker dealer called Nest Trading, and a New York-based firm, Alpaca, will handle custody and facilitate dividend payments and corporate actions. Customers can purchase the stock using the stablecoins USDC or USDT, or with a handful of other digital currencies, including Binance’s own BNB.
Teng noted that this is not the first foray for Binance, which has for years been the world’s biggest cryptocurrency exchange, into non-crypto assets. He pointed out that Binance already offers a suite of derivatives that allow customers to get exposure to non-crypto assets such as gold, petrochemicals and pre-IPO shares.
