Cryptocurrency exchange FTX is in talks with three startups: Public.com, Webull and Apex Clearing. Interest in brokerage firms could mean that FTX is looking to take a big step into stock trading.
how informs The CNBC publication, citing sources familiar with the situation, all three companies with which FTX is negotiating are registered with the Financial Institutions Regulatory Agency (FINRA). This gives them the right to buy and sell securities, such as shares, on their own or on behalf of their clients.
Public.com and Webull are also registered investment advisors. Such companies typically do business as asset, portfolio and capital managers.
Recall that at the end of April, FTX CEO Sam Bankman-Fried increased his stake in Robinhood to 7.6%. At the end of the auction, his stake in the company was approximately $650 million. However, according to FTX’s CEO, he saw Robinhood as an attractive investment and nothing more.
FTX US announced last week that select exchange clients can now trade company stocks and ETF units. Through the new FTX Stocks product, customers will be able to fund their accounts using USD Coin (USDC) stablecoin and bank transfers. A full release of the product is scheduled for mid-summer.
Earlier, analysts from the consulting company Argus published a report in which they stated that crypto exchanges such as Binance, Coinbase and FTX trade insider information.
Source: Bits
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