Global crypto exchange FTX finally jumped into the stock trading service provider business in pairs of the blockchain technology-based digital centralized currency, stablecoins.
FTX is a global crypto trading service provider platform. This exchange is known for its promotional strategy to bring huge numbers of users to the platform. Due to quality-based services and better promotional stunts, the exchange is standing at 2nd rank, just after the Binance crypto exchange. FTX exchange is not directly allowed to provide services in the US, so it provides crypto trade services with its subsidiary FTX US.
On 19 May, The owner and operator of FTX US, West Realm Shires Services, announced its plan to launch FTX Stocks. It will allow the trading of stocks assets directly in the FTX US crypto trading app.
This new stocks trading service will support the trade of 100s of the US-listed stock assets to allow the users to easily invest in traditional money markets besides the crypto market. It will also allow users to trade with common stocks and exchange-traded funds.
The announcement also confirmed that FTX will become the first crypto platform in the whole crypto industry, which will allow retail users to fund their stock accounts with US dollar-pegged stable coins.
However, funding to the account via stablecoins-based Payment will be optional but here this thing is grabbing huge attention for the crypto investors. FTX stocks and FTX US will remain in Integrated form to support Stablecoin payment like USDC.
Besides these stablecoin-based payment methods, users will be free to choose U.S. dollars, including wire transfers, credit card deposits, and other payment methods.
FTX stocks will take significantly more time to get launched in full form. Initially, it will remain available in the beta phase, for selected US based users. This service will initially test and confirm the trade and related services & activities with full transparency with NASDAQ.
Brett Harrison, president of FTX US, shared his happiness to provide almost every money market trade like crypto, NFTs, and traditional stock at single place.
“With the launch of FTX Stocks, we have created a single integrated platform for retail investors to easily trade crypto, NFTs, and traditional stock offerings through a transparent and intuitive user interface.”