Cryptocurrency exchange FTX US is now offering equities to its U.S. customers. It announced on May 19 that its select customers can now trade stocks and ETFs. With this move, FTX US has become the first crypto exchange to enter the equity market.
Through its new product, FTX Stocks, the exchange will allow retail investors to fund their accounts with stablecoin USDC. This will help users to move easily into the stock market. FTX Stocks will only be available to a select group of customers chosen from a wait list. However, the company hopes to make the service available to all customers by midsummer.
- Cryptocurrency exchange FTX US is now offering equities to investors in the United States.
- The exchange will offer retail investors the option of funding their accounts with USDC via its new product, FTX Stocks.
- Only select customers on a waitlist now have access to trade stocks and ETFs. The service will be available to all customers by midsummer.
“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,” FTX US President Brett Harrison said.
The exchange will provide no-fee brokerage accounts and commission-free trading. CEO of FTX, Sam Bankman-Fried, recently acquired a 7.6% stake in Robinhood, which also provides fee- and commission-free brokerage services.
The Bottom Line
FTX will announce further details about the launch soon. Market analysts and investors will be watching how the new move affects FTX US, whose crypto exchange market share reached 4.5% in November 2021 and its trading volume in Q3 2021 grew 500% quarter-over-quarter.