16 Dec Fractional stocks go to pot as FTX lists tokenized cannabis shares
FTX is “weeding out the competition” with its new selection of tokenized stocks.
Cryptocurrency derivatives exchange FTX has announced it is growing its line of tokenized stock offerings, with the addition of five cannabis-related businesses.
The Wednesday announcement, tweeted by FTX and Alameda Research CEO Sam Bankman-Fried, came in a haze of ex-hemp-lary (sorry) marijuana puns.
“To be blunt, this is one of the dopest joint listings we’ve done. FTX: blazing a path forward and weeding out the competition.”
The newly listed tokenized stocks are some of the biggest names in the cannabis market: Tilray, Canopy Growth Corporation, Aurora, Chronos Group and Aphria.
Tokenized and fractionalized stocks allow individual shares to be broken down into smaller pieces, allowing retail traders to speculate on high-value stocks with less capital.
As Cointelegraph reported, FTX originally launched the fractional stock offerings at the end of October. At launch, it had over a dozen initial equity and crypto pairings featuring tokenized derivatives of Tesla (TSLA), Apple (AAPL) and Amazon (AMZN) stock.
Today’s addition of these five cannabis stocks brings the total number of corporate stocks and funds that have been listed to 30. All of these are available in both spot and futures variants.