Crypto Exchange FTX Offers Stock Trading Services to All Users in US
Cryptocurrency exchange FTX.US has opened stock trading to users in all 50 U.S. states.
Company President Brett Harrison tweeted Wednesday, saying:
“Trade hundreds of stocks and ETFs from both the web (https://ftx.us/stocks) and the FTX US Pro mobile app.”
The FTX exchange will double its position in the cryptocurrency ecosystem and mainstream stock markets.
The company said it launched FTX, a new stock and ETF trading platform, intending to provide a comprehensive trading application covering all asset classes.
For stock and options trading, this includes services such as clearing and custody. So the company announced last month the acquisition of Embed Financial Technologies Inc., including its wholly-owned subsidiary Embed Clearing LLC, to further foray into the field of stock trading and to gain a good relationship with regulators on its new stock offering.
The U.S. arm of the FTX exchange piloted the feature to a select group of customers in May and said it would not charge fees or monetise trades like Robinhood (HOOD).
FTX and its US subsidiary FTX US have been active in the mergers and acquisitions (M&A) space over the past few years. Most of the company's acquisitions have focused on institutions that can further help enhance its brand as a trade and financial services leader.
FTX, as a 32-billion users crypto exchange, is in discussions to buy its rival Bithumb exchange. The deal is reportedly in an advanced stage, though financial terms are still undisclosed.
In 2020, FTX acquired the trading platform Blockfolio, gaining more clients. Last October, FTX. U.S. acquired LedgerX Futures Exchange, which has multiple licenses from U.S. regulators.
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