June 1 (Reuters) - Crypto exchange Binance said on Monday it has launched stock and exchange-traded fund trading for customers on its platform, expanding beyond digital assets into traditional financial markets.
Here are some details of the announcement:
o Binance said users will have access to more than 7,000 U.S. stocks and exchange-traded funds on its app, in addition to crypto tokens.
o Customers will also be able to buy fractional shares, allowing them to invest in portions of stocks with as little as $5, the crypto firm added.
o The move comes as the lines between cryptocurrency markets and traditional finance continue to blur.
o The convergence has accelerated as companies seek to offer customers a wider range of financial services through a single platform.
o Binance joins a growing number of platforms that offer customers access to both digital assets and traditional investments, including rival exchange Coinbase and retail-focused trading platform Robinhood.
o Binance said it will also offer 24/5 trading, allowing customers to trade U.S. stocks and ETFs around the clock on weekdays.
o Extended-hours trading has gained popularity as brokerages and exchanges seek to meet demand for access to U.S. markets beyond traditional trading sessions.
(Reporting by Manya Saini in Bengaluru; Editing by Sahal Muhammed)
