Crypto Exchange FTX US Facilitates Stock Trading by Funding Account with Stablecoin USDC
Customers in the United States may now trade shares on the cryptocurrency exchange known as FTX US. On May 19, it made the announcement that some consumers will now be able to trade stocks and ETFs. As a result of this action, FTX US has established itself as the first cryptocurrency exchange to go into the equities market.
The exchange will make it possible for individual investors to load their accounts with stablecoin USDC by using its brand-new offering, which is called FTX Stocks. Users will have an easier time entering the stock market as a result of this. FTX Stocks will only be offered to a limited number of clients who have been picked at random from a waiting list. Nevertheless, the organization has the goal of making the service accessible to all of its clients by the middle of the summer.
FTX US President Brett Harrison said “With the introduction of FTX Stocks, we have established a single integrated platform that allows retail investors to effortlessly trade standard stock offerings, non-traditional financial tokens (NFTs), and cryptocurrencies via a user interface that is both transparent and user-friendly.”
The exchange will not charge any fees for trading and brokerage accounts, nor will it impose any commissions. Sam Bankman-Fried, CEO of FTX, has just bought a 7.6 percent investment in Robinhood, another company that offers fee- and commission-free trading services. Robinhood was founded in 2012.
FTX will shortly make an announcement providing greater facts about the launch. The impact that the new action has on FTX US, whose share of the cryptocurrency exchange market reached 4.5 percent in November 2021 and whose trading volume in the third quarter of 2021 increased 500 percent quarter-over-quarter, will be closely monitored by market experts and investors.