FTX's latest expansion highlights the company's ambition to not only attract the crypto crowd but also to capture investors in traditional finance space.
FTX’s latest expansion highlights the company’s ambition to not only attract the crypto crowd but also to capture investors in traditional finance space.
The US arm of the cryptocurrency exchange, FTX, is going old school with the launch of its new stock-trading service for a limited number of users in the country. The new offering is being released through FTX Capital Markets, which happens to be a FINRA member broker-dealer., the platform plans to expand its functionality to all US users over the next months.
At first, the new platform will route all orders via Nasdaq in a bid to provide “transparent trade execution and fair pricing.” Stock trading will be commission-free, and FTX Stocks will not receive any payment for order flow. It will also make fractional share trading available in a handful of securities. FTX US will accept payment for stock purchases in “fiat-backed stablecoins” such as USDC.
FTX’s latest expansion highlights the company’s ambition to not only attract the crypto crowd but also to capture investors in traditional finance, even if it means entering a more strictly regulated space. The main idea, as FTX US President Brett Harrison explained, is to offer every investing service under the sun for its users.
“Our goal is to offer a holistic investing service for our customers across all asset classes. With the launch of FTX Stocks, we have created a single integrated platform for retail investors to easily trade crypto, NFTs, and traditional stock offerings through a transparent and intuitive user interface.”that FTX CEO Sam Bankman-Fried had bought a 7.6% stake in the online trading platform Robinhood.
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