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Cryptocurrency exchange FTX expands to stock trading


Cryptocurrency exchange FTX will allow customers to trade stocks and exchanged funds on its popular trading app alongside bitcoin and dogecoin.

FTX will on Thursday open access to its new stock trading service to a limited number of US users, the head of the US crypto exchange’s branch said in an interview. question. It plans to expand the functionality to all US customers over the next few months.

The app could eventually offer trading in other asset classes, such as futures, all in the same interface, said FTX.US President Brett Harrison. “What we ultimately want to offer is an all-in-one app for financial services,” he said.

FTX plans to offer commission-free stock trading, like most major US online brokerages. But it will not transfer customer orders to high-speed traders in exchange for cash, a controversial method known as order-line payments, Mr. Payment for the order process has been made increased oversight by legislators and managers since business frenzy last year in

GameStop Corp.

and other meme stocks.

That means FTX will lose money when it comes to securities trading, relying on crypto profits to subsidize the new service. “We don’t necessarily see profits overnight,” Mr. Harrison said.

FTX will announce more details about the launch late Thursday. Mr. Harrison first said the crypto exchange was working on adding stock trading in January, and FTX opened a waitlist for the new service the following month.

Other apps have combined stock and crypto trading, such as

Robin Hood hero,

Block Of Inc.

Cash App and Public.com. But FTX’s move is less common in that it represents a crypto company moving into traditional markets, rather than a conventional finance company expanding into digital currencies.

Headquartered in the Bahamas, FTX operates one of the largest cryptocurrency exchanges in the world. In recent months, it has made a series of moves into traditional asset classes. These ambitions continued even as a massive sell-off was wiped out more than 1.5 trillion dollars in value on the crypto market and sent bitcoin down more than 50% from its November record high.

In April, FTX bought back shares of stock exchange IEX, made famous by Michael Lewis’ 2014 book “Flash Boys.” Last week, billionaire FTX co-founder and CEO Sam Bankman-Fried revealed that he bought 7.6% shares in trading app maker

Robinhood Market Inc.

Mr Bankman-Fried said he is treating the stake as an investment and has no plans to influence it

Robin Hood hero‘S

management or strategy.

Write letter for Alexander Osipovich at [email protected]

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