FTX US announced the launch of its stock platform, which allows retail investors to trade standard exchange-listed stocks and ETFs alongside crypto and non-fungible tokens (NFTs).
The company, the US affiliate of Bahamas-based crypto exchange FTX, will now provide trading and investment in hundreds of US equities and ETFs within its existing crypto trading software.
The company’s rising retail user base and desire for diverse investing were highlighted by FTX US President Brett Harrison.
“A consumer might want to buy bitcoin or Tesla on any given day. However, they are no longer interested in juggling between opening two accounts and shifting their savings between two different platforms to accomplish this type of investing,” President Brett Harrison cited.
According to the FTX, the FTX Stocks offering will initially channel all orders through Nasdaq in order to enable transparent transaction execution and fair pricing. After that, it will launch in a private beta phase for a limited number of US clients picked from a standby list.
Accessibility to no-fee brokerage accounts, zero-commission trading, and free market and enterprise data are some of the highlights of FTX Stocks. Minimum customer balances are not required by the company.
The company claims that the launch also marks the first time that fiat-backed stablecoins, as well as typical USD deposit methods like wire transfers and credit card deposits, may be used to fund retail brokerage accounts.
“We have a theory that we believe is fairly well proven by the success of Robinhood, for example,” Harrison said. Sam Bankman-Fried, the founder and CEO of FTX, bought a 7.6% interest in Robinhood last week.
According to Harrison, FTX US presently offers the majority of equities in the S&P 500 and Nasdaq 100, as well as various ETFs, and the company plans to “rapidly extend” that domain over time.
FTX US has been focusing on financial inclusion outside of bitcoin. The corporation just announced that Chicago would be its new headquarters, as well as an initiative to help the city’s underbanked communities.
FTX US’s one-year program, in collaboration with the non-profit group Equity And Transformation, provides 100 Chicagoans with $500 per month in supplemental income, financial literacy education, a no-fee bank account, and a Visa debit card.
A cryptocurrency exchange based in the Bahamas, FTX ranks as the second-largest crypto exchange platform in the world. As per the trading reports of July 2021, FTX has approximately one million participants, and it has an average turnover of nearly $10 billion daily in terms of the trading volume.
FTX runs a separate crypto exchange platform for the United States residents, FTX.US.
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