Crypto Exchanges
By Jean-Luc Maracon
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Binance's TradFi Push Is Bigger Than It Looks. The options launch didn't come out of nowhere. Binance has been building out its traditional…
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Tokenized Stocks Hit $2.6 Billion as the Market Shifts Fast. Zoom out a bit and the Binance launch fits into something much larger.
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Coinbase, Kraken, and Robinhood Are All Moving the Same Direction. Binance isn't alone here. The competition has been busy.
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Binance just opened options trading on more than 1,000 US stocks and ETFs — and it's not for American users.
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Physically settled. That's the key detail here. Unlike equity-linked perpetual futures — which Binance already offers — these options let users actually receive or deliver the…
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Trading volume tells part of the story. TradFi perpetual futures on Binance hit roughly $433 billion in August. That's a sharp climb from January.
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And it's not just volume. The whole architecture of the product — Abu Dhabi regulation, US-registered execution, physically settled contracts — looks like a deliberate effort to…
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Zoom out a bit and the Binance launch fits into something much larger. The onchain stock market — tokenized equities living on blockchains — has basically exploded over the past…
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Monthly transfer volumes jumped 93% to $25.1 billion in the past month alone. The number of holders grew 157% to nearly 2.5 million.
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Part of what's driving it is probably access. For users outside the US, getting into American equity markets has always meant dealing with brokers, account minimums, currency…
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More context: Webull Launches Crypto Services in Canada Using Coinbases 4,500-Asset Infrastructure
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Coinbase brought B20 tokenized equities to Base, its Ethereum layer-2 network. Non-US users can now access stocks like Apple and Nvidia around the clock through that product — no…
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Kraken moved in August. It expanded its equity offerings to give eligible European users access to more than 7,000 US-listed stocks.
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Robinhood went further in terms of geographic reach. It launched Robinhood Chain in July and introduced Stock Tokens available to users in over 120 countries.
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So you've got four major platforms — Binance, Coinbase, Kraken, Robinhood — all pushing into tokenized or physically settled equity products for non-US users within roughly the…
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