Binance to Pay Dividends on Tokenized Apple, IBM Stocks
Summary
- Binance said it will pay cash dividends to investors in Apple and IBM tokenized stocks.
- The dividend will be automatically reinvested into the underlying asset after taxes and fees are deducted and paid out as additional tokenized stock.
- To receive the dividend, investors must hold AAPLB or IBMB at the snapshot scheduled for 9 a.m. Korea time on Aug. 10, and bStocks' 1:1 conversion service into underlying shares will be temporarily suspended from Aug. 8.
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Binance will pay dividends to investors holding tokenized Apple and IBM stocks.
BlockBeats reported on Aug. 6 that Binance will distribute cash dividends that day to holders of Apple tokenized stock AAPLB and IBM tokenized stock IBMB.
After taxes and fees are deducted, the dividend will be automatically reinvested into the underlying asset. Eligible investors will receive additional tokenized stock instead of cash.
To qualify, investors must hold AAPLB or IBMB at the snapshot scheduled for 9 a.m. Korea time on Aug. 10. Spot trading in the tokenized stocks will continue as usual and will not be affected by the dividend process.
Binance's bStocks service for 1:1 conversion into underlying shares will be temporarily suspended starting Aug. 8. The service will resume after the dividend payment process is completed.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul