Binance, the world’s largest crypto exchange by volume, has announced that it will allow non-US users to trade in the US stock market The exchange will now give global users exposure to 7,000 US stocks and ETFs. The platform is not only stopping at giving its global audience exposure to US stocks but it will also allow users to convert their stocks into crypto-style digital assets. The move is part of Binance’s aim to become a “multi-asset financial super app.”
Will Binance’s User Base Grow Following US Stock Exposure?
The US stock market has seen incredible gains over the last few years. The US stock market represents over half the global equities market. The coming of the AI age has led to unprecedented growth in AI-based stocks, further propelling the US market. Nvidia (NVDA), the largest company by market cap, has grown bigger than the GDP of several countries. Exposure to the US stock market could become a major strength for Binance.
Binance, however, cannot undertake the whole initiative by itself. Share purchases will be arranged by broker dealer Nest Trading. Alpaca, on the other hand, will handle custody. The firm will also facilitate dividend payments and corporate actions.
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Being the largest cryptocurrency exchange by volume, Binance will allow users to purchase US stocks using USDC or USDT, or a few other cryptocurrencies, including Binance’s native BNB coin.
BNB Surges Post Announcement
Binance’s latest announcement seems to have caused a spike in investor sentiment. BNB is experiencing quite a price surge, while most other assets have faced a price correction today. CoinGecko data shows that BNB went from $685 earlier today to $725 a few minutes ago. The cryptocurrency has rallied by nearly 9% in the weekly charts and almost 17% over the previous month.
