The FTX exchange is expanding into US stock trading with its subsidiary FTX US. FTX has launched its US Stocks trading service, which accepts payments in Stablecoins and US Dollars.
With this news, a select group of US retail investors on the waiting list can fund their accounts with stablecoins like USDC via US crypto exchange FTX. FTX CEO Sam Bankman-Fried posted details of the news on his Twitter account today:
1) Beta for stocks on FTX US that opens today! https://t.co/y5FgA2Fw2y
— SBF (@SBF_FTX) May 19, 2022
The ad It comes a week after the Billionaire founder acquired a 7.6% stake in Robinhood. Shares of Robinhood Markets rose sharply 23% last week after the head of FTX revealed that he had acquired a stake in the trading platform.
As Brett Harrison, President of FTX USA, said,
“Our goal is to offer a comprehensive investment service for our clients across all asset classes. With the launch of FTX Stocks, we have created a single integrated platform for retail investors to easily trade cryptocurrencies, NFTs and traditional stock offerings through a transparent and intuitive user interface.
Talking about the movement in an exclusive with the Wall Street Journaladded,
“We would like to become the ‘everything exchange’ and ‘everything app’ when it comes to financial services.”
A new retail investment experience
Last week, the Financial Times reported that several Wall Street brokers warned US regulators about FTX’s plans to automate risk management. The technology would radically disrupt traditional business approaches. The automated FTX process could mean that computers would replace many functions currently performed by brokers.
Fee-free brokerage accounts and commission-free trading will appeal to the ready-made retail crypto market familiar with this type of trading. Not only does it offer transparency, it eliminates the need for many of the standard brokerage services offered in traditional investing experiences today.
Last week, FTX CEO Sam Bankman-Fried made headlines for his criticism of Bitcoin as a form of payment. in a interview with the Financial Times, he argued that the Bitcoin network is not scalable, noting that proof-of-stake networks are more energy efficient.
Earlier this year, FTX was valued at $32 billion after raising $400 million in a Series C funding round.
Starting today, US customers who joined a waiting list in February will be able to buy shares and trade funds on the platform.
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This post Cryptocurrency Exchange FTX Expands Into US Stock Trading
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