Cryptocurrency Exchanges Forge New Paths, Bitcoin ETF Applications Continue – Technology

This week one of the largest U.S. cryptocurrency exchanges,
Coinbase, completed its initial public offering through a direct
listing of its shares on Nasdaq. Separately, according to a press
release, last week cryptocurrency platform Exodus opened its
blockchain-based SEC-qualified public offering of common stock,
with each share of common stock represented by a “Common Stock
Token.” The company, which offers a multi-asset cryptocurrency
wallet, reportedly has received subscriptions for nearly $60
million from more than 4,000 accredited and non-accredited
investors.

A well-known financial services company focused on digital
assets and cryptocurrencies recently filed a bitcoin exchange
traded fund (ETF) application with the Securities and Exchange
Commission (SEC), according to a recent report. Another recent
report noted that the SEC recently began review of a separate
bitcoin ETF application by an ETF sponsor and index developer. The
SEC has not yet approved any bitcoin ETFs, although multiple
applications are currently pending at the agency.

Binance recently issued a press release announcing that it has
launched no-commission, digital tradeable tokens that allow users
to buy and trade fractional stocks.  The release states that
the tokens are backed by a depositary portfolio of underlying
securities, and that holders of the tokens qualify for economic
returns, including dividends, relating to the underlying
securities. A press release notes that the first stock available
for use with the tokens is a well-known electric car company
pioneer, and Binance also reportedly intends to tokenize Coinbase
stock. Prices for the new Binance products will reportedly be
settled in Binance USD (BUSD).

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