FTX Cryptocurrency Exchange Expands To Stock Trading…Details Here
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Answer FTX Cryptocurrency Exchange Expands To Stock Trading…Details Here
Cryptocurrency trading platform FTX has made it possible for its clients to trade stocks and exchange-traded funds on its cryptocurrency trading app.
FTX said Thursday that it has opened access to its new stock trading service to a limited number of US users, and plans to expand functionality to all US clients in the next few months, the head of the US arm of FTX said.
stated Brett Harrison, President of FTX.US:
The application could eventually offer trading in other asset classes, such as futures, all within the same interface.
What we ultimately want to deliver is the application of everything to financial services.
FTX plans to offer commission-free stock trading, like most online brokerage firms in the USA.Read:Solana is experiencing another major outage in processing transactions on its network…Details here
But FTX will not direct customer orders to high-speed traders for money, a controversial practice known as pay-to-order flow, Mr. Harrison said.
Order flow payments have been under more scrutiny by lawmakers and regulators since last year’s frenzied trading of GameStop shares, among others.
This means that FTX will lose money on stock trades, but will rely on crypto earnings to support the new service.
Mr. Harrison said:
We don’t necessarily have to see a profit on the first day.
Mr. Harrison added:
The cryptocurrency exchange was working on adding stock trading in January, and FTX opened a waiting list for the new service the following month.
Other apps have already combined stock trading and cryptocurrency, such as Robinhood, Block Inc.’s Cash App, and Public.com.
But the FTX movement is less common in that it represents a native crypto company moving into traditional markets, rather than a traditional financial company expanding into cryptocurrencies.
As a reminder, FTX is based in the Bahamas and in recent months has made a series of moves towards traditional asset classes.Read:One of the first investors in Bitcoin declared: Dogecoin is noticeably better than Bitcoin!
In April, FTX acquired a stake in the parent company of the IEX exchange.
Last week, FTX co-founder and CEO Sam Bankmanfred revealed that he had bought a 7.6% stake in Robinhood.
Fred Bankman said he treats the stake as an investment and has no plans to influence Robinhood’s management or strategy.
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