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Showing posts from November, 2020

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Binance stated today that it is putting an end to its stock token product. This comes a day after Italian regulators joined a string of financial watchdogs to crack down on the platform. Binance stated on its website, “Effective immediately, stock tokens are unavailable for purchase on Binance.com , and will no longer support any stock tokens after 2021-10-14 19:55 (UTC).” The exchange also added that it would shift its commercial focus to other product offerings. Why Binance took the decision The stock token offering was introduced by the cryptocurrency exchange in April. It allowed customers to buy fractions of shares in companies. The platform started with Tesla stock and then Coinbase, MicroStrategy, Microsoft and Apple were added shortly after. It has been facing a lot of regulatory issues of late. The exchanges latest battle with financial watchdogs comes from Italy. Italy’s market regulator stated yesterday that it was not authorized to provide investment services and acti

This Nigerian Fintech Startup ‘Trove’ Wants to Help You Invest in Your Desired Company

  Investing in stocks has proven to be one of the most profitable ways to build wealth. Some of the wealthiest people in the world own large quantities of stocks in both the private and public sector. And with many Nigerian companies –  MTN ,  Airtel ,  Jumia ,  Interswitch  – becoming listed or planning to list on the stock exchange (international and local), the opportunities are more and lucrative. But as attractive as it looks, there’s a problem. Most of these investment opportunities are for elite citizens and the average person may find it impossible to partake, thanks to the heavy charges. Asides exclusivity, the hectic process of getting it done is discouraging – from the walk-ins to the disconcerting paperwork. Lack of knowledge about how it’s done pushes Nigerians to seek help from stockbrokers. A service for which they end up paying huge charges. Here comes Trove, a Nigerian fintech startup that wants to help with this. Signing up on Trove   With as low as ₦1,000, Trove allo