Crypto exchange FTX.US launches trading in the most massive type of securities in order to attract new customers.
US division of FTX announcedthat select clients of the company can now trade company shares and ETF units, making it the first US exchange to offer shares on its blockchain platform. The company’s new product is called FTX Stocks, and the company’s customers will reportedly be able to fund their accounts using the USD Coin (USDC) stablecoin, as well as bank transfers.
While FTX Stocks will be available to a small number of users selected from the waiting list, however, the company plans a full release by mid-summer. To start trading, users do not need a minimum account balance. The offer will include opening a brokerage account, commission-free trading and fractional shares.
A similar service has been offered by the cryptocurrency company Robinhood for the past two years. Earlier, FTX founder Sam Bankman-Fried bought a stake in Robinhood for $650 million, which is about 8% of the share capital. According to Bankman-Fried, he had no intention of influencing the work of the company, he only saw it as an attractive investment. FTX.US President Brett Harrison called his investment in Robinhood passive, but did not rule out that interest in the company could grow in the long term.
FTX.US says the new offering won’t generate PFOF revenue at this point in the way Robinhood does, but the company has no plans to make the new feature profitable in the near future, but for now just want to use to attract customers.
Last week, FTX opened its US headquarters in Chicago and announced the launch of a guaranteed income and benefits program for citizens in need.