Popular cryptocurrency exchange founded by Sam Bankman-Fried FTXThe US arm of ‘s begins trading in stocks.
The new stock trading service will initially be available to a limited number of US users.
The news came after SBF bought 7.6% of US brokerage firm Robinhood.
Having started to offer tokenized stock before, FTX faced some legal hurdles. According to the press release, the new service will be available through FTX Capital Markets, an SEC-registered FINRA/SIPC member.
FTX USA President Brett Harrison said in a statement:
“Our goal is to provide a holistic investment service to our clients across all asset classes. We have created an integrated platform that will enable retail investors to trade crypto, NFT and stocks with a transparent user interface.”
Annoying its competitors with its moves towards traditional markets, FTX will not charge commissions for stock trading and will allow investors to use USDCs in their balances to buy stocks.
Terry Duffy, CEO of CME Group, who plays a prominent role in the equity markets, talked about FTX’s plans to enter the equity markets in a recent interview and said:
“These initiatives by FTX are blatantly incomplete and pose a significant risk to market stability and market participants.”
FTT coin, which jumped 5% after the news, then returned to where it started.
