The large crypto exchange FTX will soon expand its range of services to include trading in classic shares. At least the American subsidiary FTX US should soon start trading in shares.
As announced by West Realm Shires Services, the operator of FTX US, on Thursday , the new FTX Stocks service is to be launched soon. The function for stock trading is to be integrated directly into the existing trading app of FTX US and not outsourced.
The new digital stock exchange will allow users of the crypto trading platform to trade hundreds of stocks and related financial products such as index funds (ETFs).
According to the press release, the new service also has a special feature, as FTX Stocks is said to be the world's first trading platform on which shares can be traded directly with stablecoins such as USD Coin ( USDC ). This is made possible by working directly with the main platform of the crypto exchange. Nevertheless, the usual trading in the form of US dollars is of course also possible.
Initially, FTX Stocks will launch as a private beta for select US clients. In this phase, all orders are still processed via the Nasdaq stock exchange in order to ensure transparent trades and fair prices.
“ With the launch of FTX Stocks, we are creating a great platform where retail investors can trade both crypto, NFTs and traditional stocks through a transparent and easy-to-use interface,” stated FTX US President Brett Harrison. He adds that there is now "a clear demand" from private investors for transparent stock transactions.
The news comes a few days after FTX founder Sam Bankman-Fried criticized Bitcoin ( BTC ) as a means of payment , which prompted strong opposition from the community for the crypto exchange’s young CEO.
Irrespective of this, Bankman-Fried is trying to further strengthen his company's position in global competition, so he recently invested 650 million US dollars in the large online trading platform Robinhood.
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