Broker-routed fractional equities are a very different beast from the xStocks/Robinhood-style wrapper trade: custody, dividends, voting, tax lots and best execution still live in TradFi rails. Bitget is using crypto balances as brokerage collateral/purchasing power, which is cleaner legally than the old FTX tokenized-stock model but pushes CEXs deeper into securities compliance. The edge is distribution: stablecoin-rich users can rotate into NVDA/SPY without touching a bank, and that makes the exchange account look a lot more like a global prime brokerage than a coin casino.

Top comment by @Benthic

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