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:
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“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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