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Cryptocurrency exchange FTX has begun offering commission-free stock and ETF trading in the United States. However, the service will initially be available to a limited number of users, with the full rollout of services including stocks, ETFs, cryptocurrencies, futures, and others to follow in a few months. Besides that, FTX will allow users to fund their accounts using USDC.
According to the Wall Street Journal, one of the largest crypto exchanges, FTX, has expanded into a broader financial services market by starting to offer stocks and ETFs trading for US customers.
FTX.US president Brett Harrison told the Wall Street Journal:
“WHAT WE EVENTUALLY WANT TO OFFER IS AN EVERYTHING APP FOR FINANCIAL SERVICES. BUT WE WON’T ROUTE CUSTOMER ORDERS TO HIGH-SPEED TRADERS IN EXCHANGE FOR CASH, A CONTROVERSIAL PRACTICE KNOWN AS PAYMENT FOR ORDER FLOW.”
The move follows the recent acquisition of a 7.6 percent stake in Robinhood by FTX founder Sam Bankman-Fried. The company’s goal is to become a one-stop-shop for financial services.
Stock trading will be available via the FTX.US mobile app. Furthermore, the company plans to provide trading in hundreds of US-listed companies and exchange-traded funds.
FTX is the first cryptocurrency exchange to enter traditional financial markets. Under the leadership of Sam Bankman-Fried, they are rapidly expanding this year. The Bahamas-based cryptocurrency exchange increased its valuation to $32 billion in January.