According to information from the head of FTX.US – Brett Harrison, today, the exchange has opened stock trading for users in all 50 US states.
Accordingly, the crypto exchange will now allow all users to trade hundreds of stocks and ETFs through the FTX.US Pro mobile app.
As I previously reported, back in May, FTX.US tested this feature for a select group of customers. Billionaire Sam Bankman-Fried’s crypto exchange has announced the launch of a commission-free stock trading feature. This is the first cryptocurrency trading platform to integrate this service, which is unprecedented.
In addition, the exchange will allow users to fund their accounts with stablecoin USDC. The platform also says it will not charge fees from transactions in the same way as Robinhood (HOOD). The project has inherently been criticized for profiting from its business through the PFOF order-to-order payment flow
In June, FTX.US acquired securities settlement company Embed Financial Technologies to provide application programming interface (API) and brokerage services to the platform. As can be seen, FTX.US has been working hard to expand its services in the US to increase coverage as well as compete with other leading trading platforms. This is probably understandable, especially when the FTX exchange has a pretty good relationship with the legal authorities in this country.
About FTX, this is one of the top 1 exchanges in terms of providing crypto derivatives products with diverse products from futures, options, leveraged tokens, OTC,… owned by Sam Bankman-Fried and co-founder of Alameda Research. Alameda is the world’s largest cryptocurrency market maker and liquidity provider. As a result, FTX has access to the top order books in the crypto space.
In the recent downturn of the crypto market, FTX and Sam Bankman – Fried are among the names most mentioned by the community. Because the CEO of FTX has provided financial support and acquired many companies that are in trouble and on the verge of bankruptcy.
However, Sam’s actions also received mixed opinions from the community as to whether he really wanted to “save” the market or just took advantage of the situation to “acquire” more capital for FTX.