Customers of the FTX US crypto exchange will be able to use stablecoins like USD Coin to fund their FTX Stocks accounts.
FTX, the world’s largest cryptocurrency exchange, is expanding into equities trading with the opening of FTX US, a subsidiary established in the United States.
A new stock trading service, FTX Stocks, will be available via the FTX US trading app on May 19, according to West Realm Shires Services, the company behind FTX US.
Stocks and ETFs listed on the New York Stock Exchange will be available for trading and investment on the new stock trading platform.
When it comes to fiat-backed stablecoins like USD Coin, FTX Stocks claims to be the first platform to enable retail investors to load their accounts with these coins (USDC). Cooperation with the FTX US crypto exchange makes this option available, giving users an alternative to the standard means of depositing funds in the U.S. currency, such as wire transfers and credit card deposits.
A private beta version of the FTX Stocks platform will be made accessible to a small group of clients in the United States who have been placed on a waiting list. The service will begin by routing all orders via Nasdaq in order to guarantee fair and transparent transaction execution and pricing.
Retail investors may now easily trade crypto, NFTs, and regular stock offerings on a single platform with a straightforward and clear user interface, according to Brett Harrison, US President of FTX. According to him, new retail investing experience that supports “complete order routing transparency” but does not depend on payment for order flow is in “obvious market demand.”
On May 16, FTX CEO and founder Sam Bankman-Fried slammed Bitcoin’s effectiveness as a payment network. The mining consensus, he said, is not scalable enough to execute millions of transactions on the Bitcoin network.
As of May 2022, the CEO has invested $650 million in Robinhood, a crypto-friendly stock trading app, which is a prominent participant in the market.
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