Sam Bankman-Fried’s crypto trading platform FTX Trading has announced the launch of a stock trading feature through the FTX Stocks. According to the press release, FTX has planned to offer trading in US-based listed companies and exchange-traded funds (ETF). The FTX Stocks will act as an equities trading application that will commence in a private beta phase for chosen US customers only.
The stock trading feature will go to make FTX Trading the world’s first platform in the crypto industry to provide stock trading within regulated securities. The innovative stock trading experience will be integrated within the existing FTX US cryptocurrency trading application. However, during its initial phase, all the orders will enroute through NASDAQ without receiving any payment for the order. This will enhance the transparency in trade execution and also fair pricing.
FTX US follows its mission to democratize full access to financial services. According to FTX US president Brett Harrison, FTX Stocks is a comprehensive investment platform service for all the categories of investors including crypto. FTX Stocks possess some extraordinary features which will be offered to the customers and are listed below:
- no-fee brokerage accounts
- commission-less trading
- free-market data and company fundamental data
- elimination of minimum required balance
In addition to this, FTX Stocks bring its customers first time in history the retail brokerage accounts that can be funded with fiat-backed stablecoins like USDC via FTX US. Also, the standard US-dollar deposits will be available through wire transfers, ACH transfers, and credit card deposits.
Recently, Sam Bankman Fried bought a 7.6% stake in crypto trading platform Robinhood and he is eager to buy the entire firm. According to reports, Bankman spent $648 million to buy the 56 million shares of Robinhood. As for now, Sam is not considering taking a board seat in the company besides he is now the third-largest person to hold the maximum shares of the company.