FinTech: Sam Bankman-Fried Led FTX.US Makes Inroads Into Stock Trading
FTX.US has opened zero-fee stocks trading in a private beta to select waitlisted users.
FTX Stocks is an equity trading platform offered through the FTX US trading application. FTX US announced Thursday a private beta phase trading on the platform for US customers selected from a waitlist. These customers would get access to hundreds of US exchange-listed securities, including common stocks and ETFs, alongside the cryptos already available in the FTX US app. (CISION PR Newswire)
FTX US is a US-regulated cryptocurrency exchange, built from the ground up. FTX is led by CEO and Founder Sam Bankman-Fried.
In their announcement the company made it clear they would not receive any payment for order flow, which would be routed initially through NASDAQ to ensure transparent trade execution and fair pricing.
Other facilities offered by FTX Stocks include:
· Ability to trade in fractional shares in certain securities
· No-fee brokerage accounts
· Commission-less trading
· Free market data and company fundamental data
· No minimum customer balances
· No tiered account systems
· Retail brokerage accounts can be funded with fiat-backed stablecoins such as USDC (a first in industry history)
“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,” said FTX US President Brett Harrison.
The announcement of FTX’s move into US stock trading builds upon the news earlier this month that Bankman-Fried had acquired a 7.6% stake in investing and broking app Robinhood (NASDAQ: HOOD) as “an attractive investment,” and without any intention of changing the company’s control.
Related Story: Digital Exchange FTX Lands $900M In Biggest Crypto Deal Ever
Latest Alternative Investment News
Klarna, the Swedish fintech known for its buy-now-pay-later (BNPL) financial product, is negotiating to raise $650 million at a valuation of $6.5 billion, which is a very sharp comedown from…
Fintech OppZo brings together investors and small businesses that need working capital loans for their government-facing businesses. Typically located in economically stressed areas of the country, these businesses represent an…
The Jacobi Bitcoin ETF, from Jacobi Asset Management, will have a number of firsts to its credit when it starts trading this month. It will be the first exchange-traded equity…
John Deere (NYSE: DE) has achieved leadership in automated machinery powered by Artificial Intelligence (AI). The self-driving tractor pictured above was revealed in CES 2022 and has six pairs of…