Crypto Exchange FTX’s US Arm Set To Introduce Stock Trading

This will be a first in the cryptocurrency market, since no other cryptocurrency exchange has ever directly traded US stocks.

FTX cryptocurrency exchange, unveiled its newest initiative in a press release today, which is unprecedented ground for its rivals.

FTX.US, the crypto exchange's US subsidiary, will be the first to implement the functionality, which will bring regulated stock trading to its site.

Crypto X Stocks

Combining bitcoin with stock trading is not a new concept; Binance pioneered it in its own distinctive manner last year.

Binance provided crypto assets that were related to the value of shares of companies like Tesla, Apple, and Coinbase, rather than simply putting US equities onto the exchange.

Binance, however, discontinued providing this service to investors after being pressured by regulatory agencies from all across the globe.

FTX, unlike Binance, will not sell crypto tokens that monitor stock values; instead, it will offer regulated US shares directly.

FTX Capital Markets, as an associated broker-dealer registered with the SEC and a member of FINRA/SIPC, shall provide these services.

Brett Harrison, president of FTX US, said of the launch,

"Our objective is to provide our clients with a comprehensive investment solution across all asset classes." We have established a single integrated platform for retail investors to trade crypto, NFTs, and conventional stock offerings via a clear and straightforward user interface with the introduction of FTX Stocks."

Stock trading on the exchange is expected to be accessible within the next several months, with no commission costs.

FTX US will also let its customers to fund their accounts using the stablecoin USD Coin (USDC),

This will be a significant chance for the exchange to establish itself as a major participant in the crypto and even stock trading markets.

On the Charts: FTT

While the exchange is progressing in its own right, the performance of its native token, FTT, has been less than stellar in recent days.

FTT recovered 10.46 percent after falling 25.27 percent during the week-long meltdown on May 5, but the gain was nullified yesterday as the price plunged 7.63 percent.

As a consequence, despite numerous tries, FTT has been unable to break out of the negative zone it has been locked in since the first week of April, nor has it been able to signal a bullish crossing at the same time.