- FTX U.S. is letting people buy and sell stocks on its platform.
- The FTX exchange is one of the biggest in the United States.
- Last year, when the company put tokenized stock assets on its platform, a lot of noise was made.
The FTX exchange run by Sam Bankman Fried is one of the biggest in the world, and its U.S. branch has a lot of users. But like any other business, having more users means making more money. FTX has made several changes to its platform to make it more appealing, all of which were made with this in mind. Today, by starting a stock-trading arm, it is taking one of the biggest steps it has ever taken in this business.
Over the past few years, FTX U.S. has grown into a huge company. It is now one of the exchanges with the most business in the world. It has handled more than $3 billion in transactions in the last 24 hours. It also has one of the largest selections of trading options for its users, with 326 different cryptocurrencies to choose from.
This success is the result of a big public relations campaign and listening to what users want. Early in 2021, the company started its push into the mainstream by naming the Miami Heat’s stadium, FTX Arena, after itself. It is also the only sponsorship that all Major League Baseball umpires wear. The deal to do this was made in the summer of last year.
The company spent more time with the public and added new ways to trade on its platform at the same time. In October 2021, it made it possible to trade non-fungible tokens (NFTs) on a special marketplace. It also put out a number of tokenized stocks, which let people trade Wall Street plays in the form of cryptocurrency. This week, it goes even further with these things.
The FTX Exchange makes it easier to trade stocks.
By adding new investments to its platform, the FTX Exchange is making itself more appealing to a wider range of people. But it’s doing something totally new this week by adding stock trading to its platform.
In fact, the company will start letting people trade stocks and exchange-traded funds (ETFs) today. This makes FTX U.S. the first cryptocurrency exchange in the U.S. to offer stocks. Robinhood (NASDAQ:HOOD), which added crypto trading in 2018, is the only major trading platform besides FTX that lets you trade both stocks and cryptocurrencies.
The catch with FTX’s platform is that, unlike Robinhood, users can actually trade stocks with crypto. Investors can pay for FTX-sourced stocks with stablecoins or by sending money from their bank accounts. As of right now, only people on the waitlist can trade stocks. The company thinks that the service will be fully available by the middle of summer.
The fact that Sam Bankman-Fried recently purchased a 7.6 percent stake in Robinhood is an intriguing aspect of the story. There were rumors that the two companies would join together because of this news. Now that both platforms let you trade crypto and stocks, these ideas are likely to heat up.