Crypto exchange FTX.US has introduced FTX Stocks for select U.S. customers to allow stock trading and exchange-traded funds (ETFs) through its app.
See related article: FTX reaches US$32B valuation after closing $400M series C
Fast facts
- FTX.US will provide commission-free stock market trading where orders will be routed to Nasdaq through its clearing firm Embed, according to a CNBC report.
- FTX Stocks is unlikely to generate profits in the short term and orders will not be routed to high-frequency traders for payment, a practice that has recently come into scrutiny from regulators, FTX.US President Brett Harrison told the Wall Street Journal.
- FTX Stocks intends to attract more customers to its platform, Harrison said.
- The exchange aims to become a one-stop solution for all financial trading needs and will launch more traditional financial services on its platform like futures trading, allowing customers to trade in the stock and crypto market from the same application.
- Sam Bankman-Fried, CEO and founder of FTX.US partner FTX, recently bought 7.6% stake in stocks and cryptocurrency trading platform Robinhood.
See related article: Crypto on the beach: FTX and other players find paradise in the Caribbean