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The United States-based subsidiary of one of the world’s largest cryptocurrency exchanges FTX is moving into equity trading, and launching a stock trading platform.
The owner and operator of FTX US, West Realm Shires Services, announced on Thursday that it will be launching FTX Stocks, a stock trading service made available directly through the FTX US trading app. The service will initially be available in a private beta test phase for select US customers on the existing waitlist.
The new stock trading platform will provide trading and investing in hundreds of U.S. exchange-listed shares, including common stocks and exchange-traded funds.
The announcement details that FTX Stocks will allow retail investors to fund their accounts with fiat-backed stablecoins like USD Coin (USDC).
Furthermore, users will not have to pay commission fees to trade and orders will be routed to Nasdaq with FTX US not relying on payment for order flow.
After beta testing, the service expected to roll out to all users in US over the next months.
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.”