Binance uses Apple dividend to purchase AAPLB tokens
1 report, 1 independent
Updated Sat 00:00
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What happened
Binance deducted taxes and fees from Apple Inc.'s $0.27 gross dividend per share. This balance was then used to purchase more AAPLB tokens, which were credited to eligible users’ Spot Wallets. AAPLB gives holders exposure to Apple Inc. stock without transferring ownership of the underlying shares.
From econotimes.com
Why it matters
The transaction utilized a dividend reinvestment plan involving tokenized shares. The deduction of taxes and fees from the dividend proceeds directly reduces the amount available for users to buy more AAPLB.
From econotimes.com
Who's involved
- BinanceCryptocurrency exchange executing the dividend reinvestment plan.
- Apple Inc.Company whose dividend was used as the basis for the token purchase.
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The entities involved
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Binance
cryptocurrency exchange
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Apple Inc.
American multinational technology company based in Cupertino, California