The cryptocurrency exchange Gemini has launched a tokenized version of Michael Saylor's Strategy (MSTR) stock for EU users, allowing them to invest in the company that purchases Bitcoin on-chain.
"Traditional financial channels are difficult to access and need modernization," Gemini stated in a release on Friday.
"Tokenized stocks address this issue by providing investors with greater access opportunities and fewer restrictions," the statement added.
The traditional stock market has several limitations, including limited trading hours related to market time zones, higher fees faced by international investors, and limited access for investors in certain regions.
Gemini stated, "On-chain stock trading solves these issues by providing a frictionless experience in one place."
Gemini indicated that investors can hold cryptocurrencies and stocks on-chain without having to sell on one platform and then use another platform for stock trading.
Gemini is partnering with U.S. public securities provider Dinari to offer this service. "By leveraging Dinari's on-demand tokenization model, we can provide our clients with greater liquidity, transparency, and, where permitted, the same economic rights as supported securities," the statement said.
While MSTR is currently the only available tokenized stock on Gemini, the exchange stated that more tokenized stocks and exchange-traded funds (ETFs) are expected to launch in "the coming days."
According to Google Finance data, Strategy (MSTR) stock has risen 3.84% in the past 30 days, trading at $383.88.
On Wednesday, financial analyst Jeff Walton stated that as long as Bitcoin (BTC) does not fall below $95,240 before the end of the second quarter, Strategy is likely to qualify for the S&P 500 index.
This news comes as other crypto platforms show increasing interest in introducing U.S. tokenized stocks to the European market. Tokenized stocks are currently not tradable in the U.S.
On May 8, reports indicated that brokerage fintech company Robinhood is reportedly developing a blockchain network to enable European retail investors to trade U.S. securities.
Just weeks later, on May 23, cryptocurrency exchange Kraken announced plans to offer non-U.S. customers the option to trade tokenized U.S. stocks, as part of the company's initiative to provide more traditional assets through tokenization.
Meanwhile, cryptocurrency exchange Coinbase is seeking the green light in the U.S. On Tuesday, Coinbase Chief Legal Officer Paul Grewal reportedly stated that the company is seeking approval from the Securities and Exchange Commission (SEC) to offer tokenized stocks.
Cryptocurrency executives are optimistic about the growth prospects of tokenized stocks. STOKR CEO Arnab Naskar recently stated that while it is difficult to predict, this "is definitely a larger trillion-dollar market."
Related: Michael Saylor hints at purchasing Bitcoin (BTC) for the 11th consecutive week.
Original article: “Gemini Launches Tokenized Product for Strategy (MSTR) Stock for EU Investors”
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