Just-In: Crypto Exchange FTX Launches Stock Trading For U.S. Customers

Varinder Singh
May 19, 2022
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CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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Crypto exchange FTX has reportedly launched commission-free stocks and ETF trading in the United States. However, the service will be available to a limited number of users first, with the full rollout of services featuring stocks, ETFs, cryptocurrencies, futures, and others in a few months.

Moreover, FTX will also allow users to add funds to thei accounts with USDC. The move comes after FTX’s founder Sam Bankman-Fried recently acquired a 7.6% stake in Robinhood. The company aims to become an all-in-one financial services firm.

FTX Allows U.S. Customers To Trade Stocks and ETFs

One of the largest crypto exchanges FTX has expanded into a wider financial services market as it started offering stocks and ETFs trading for U.S. customers, as reported by Wall Street Journal on May 19.

Stock trading will be offered through the FTX.US mobile app. Moreover, the company intends to offer trading in hundreds of US-listed companies and exchange-traded funds.

FTX.US president Brett Harrison told the Wall Street Journal:

“What we eventually want to offer is an everything app for financial services. But we won’t route customer orders to high-speed traders in exchange for cash, a controversial practice known as payment for order flow.”

The payment for order flow practice has come under increased scrutiny by lawmakers and regulators after last year’s trading in GameStop and other meme stocks. The stocks are down nearly 50% since then.

Therefore, FTX prioritizes establishing itself in the regulated U.S. financial services industry as it will lose money for moving away from payment for order flow practice.

Harrison claims the company was working on it since January, opening a wait list for the new service in February. Other companies have also combined stock and crypto trading such as Robinhood, Block’s Cash App, and Public.com. However, FTX has become the first crypto exchange to enter traditional financial markets.

FTX Continues To Grow Rapidly in 2022

FTX is growing massively in the year under the leadership of Sam Bankman-Fried. The Bahamas-based crypto exchange has recently raised its valuation to $32 billion in January. Also, expanded to Australia, the UAE, and Europe. Last week, Sam Bankman-Fried bought a 7.6% stake in Robinhood for investment purposes.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.