What is Tesla Token and is it safe?

As of writing, the cryptoverse had bounced back a little. Bitcoin, arguably its heart, which had declined below US$30,000, had pared some losses. Altcoins like Ether and Dogecoin had also gained in the past 24 hours.

Aside from Bitcoin and altcoins, the cryptoverse has other categories as well. A non-fungible token (NFT) represents blockchain-registered title over some independent asset. Another relatively less popular asset is a tokenized stock of any scrip trading on any traditional exchange like Nasdaq.

FTX, a crypto exchange, has listed the tokenized stock of Tesla for trade. Let’s know more.

Tesla tokenized stock or Tesla Token

FTX claims that tokenized stocks offered by it are backed by shares trading on the traditional exchange. Tesla Token, available on FTX, tracks the stock price of Tesla (TSLA).

As of writing, Tesla tokenized stock was trading at nearly US$750. It had registered over three per cent gain in the past 24 hours. FTX states that Tesla Tokens are backed by shares of Tesla, which it maintains with an independent brokerage firm. Token holders, it is claimed, can redeem their holding against the underlying Tesla stocks.

Trading in Tesla Token is said to be…

Read more at kalkinemedia.com

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