FTX, the group led by Sam Bankman-Fried is aspiring to be the “everything exchange”
FTX, a major cryptocurrency exchange, is expanding into equity trading withits US-based subsidiary FTX US launching a stock trading platform.
Last year, FTX quietly acquired a regulated broker-dealer in the US. As of Thursday, “selected US customers,” chosen from a waiting list set up in February, will be able to buy stocks and exchange traded funds, as well as digital assets, through FTX US.
Retail investors will be able to fund their accounts with fiat-backed stablecoins like USD Coin (USDC) for the first time through FTX Stocks, according to the announcement.
Initially, all orders will route through Nasdaq to ensure transparency and fair pricing, according to the announcement.
Only days ago, Bankman-Fried paid $648mn for a 7.6 per cent stake in Robinhood, an online retail brokerage that also deals in stocks and cryptos. In a filing, he stated that he purchased the shares because they were “attractive investments” and that he did not intend to “influence control”.