2 years ago
FTX Stocks volition let retail investors to money their accounts with fiat-backed stablecoins similar USD Coin via the FTX US crypto exchange.
Major cryptocurrency speech FTX is moving into equity trading, with its United States-based subsidiary FTX US launching a banal trading platform.
West Realm Shires Services, the proprietor and relation of FTX US, announced connected May 19 the upcoming motorboat of FTX Stocks, a banal trading work offered straight done the FTX US trading app.
The caller banal trading level volition diagnostic trading and investing successful hundreds of U.S. exchange-listed shares, including communal stocks and exchange-traded funds.
According to the announcement, FTX Stocks volition beryllium the archetypal level to ever let retail investors to money their accounts with fiat-backed stablecoins similar USD Coin (USDC). The enactment is enabled via a concern with the FTX US crypto exchange, providing an alternate enactment to default deposit methods successful the U.S. dollar, including ligament transfers, recognition paper deposits and others.
The FTX Stocks level volition beryllium initially disposable successful a backstage beta signifier for prime U.S. customers chosen from a waitlist. The work volition besides initially way each orders done Nasdaq successful bid to guarantee transparent commercialized execution and just pricing, the announcement notes.
“With the motorboat of FTX Stocks, we person created a azygous integrated level for retail investors to easy commercialized crypto, NFTs, and accepted banal offerings done a transparent and intuitive idiosyncratic interface,” FTX US President Brett Harrison said. He added that determination is “clear marketplace demand” for a caller retail concern acquisition supporting “full bid routing transparency” portion not relying connected outgo for bid flow.
Related: The Brazilian Stock Exchange volition motorboat Bitcoin and Ethereum futures
The quality comes soon aft FTX laminitis and CEO Sam Bankman-Fried criticized the ratio of Bitcoin (BTC) arsenic a outgo web connected May 16. He specifically expressed concerns implicit the Bitcoin network’s mining consensus, arguing that it’s not scalable capable to process millions of transactions.
The CEO has besides been actively buying shares of large players successful the industry, holding astir $650 million successful the banal of the crypto-friendly banal trading app Robinhood arsenic of May 2022.
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