FTX US will be offering stock trading to its North American clients.
The crypto exchange FTX is expanding into equity trading, according to an announcement made by the company.
FTX Stocks, the exchange's stock trading service, will be offered directly in the US trading app. It will include the trading of hundreds of US stocks and exchange-traded funds.
FTX Stocks is currently only available to a select few whitelisted clients for the US, but the exchange plans to roll out the feature to all its North American users by mid-summer. FTX will offer fractional shares, thus allowing traders to participate with no minimum account balance, and it plans to offer "no-fee brokerage accounts [and] commission-less trading."
In its press release, FTX US President Brett Harrison said:
"Our goal is to offer a holistic investing service for our customers across all asset classes. 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. There is clear market demand for a new retail investment experience that offers full order routing transparency to customers and does not rely on payment for order flow."
The announcement follows the purchase of 7.6% of Robinhood stock by FTX CEO Sam Bankman-Fried.
Robinhood's core competencies are eerily similar, although a merger is currently not planned, according to Harrison. He told Decrypt that the investment was passive and that FTX US is currently not trying to turn a profit on its new Stocks service. Harrison said it will serve as a complement to the company's primary crypto offerings, while helping to attract and retain customers.
In the interview, Harrison remained confident that US customers will continue trading equities and crypto even in a bad market. As such, the company's long-term goal is to offer diverse assets and a superior user interface.
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