The US arm of FTX, one of the leading crypto-asset trading platforms, will offer zero commission stock trading. The move comes after FTX CEO Sam Bankman-Fried bought a 7.6% stake in Robinhood.
FTX US announced today that it will begin offering stock trading services. According to the press release, the service will be available through the FTX US mobile app and will allow trading in hundreds of US-listed companies and exchange-traded funds. Users will be able to trade with Circle’s stablecoin USDC. Brett Harrison, President of FTX US, said:
“Our goal is to provide a holistic investment service to our clients across all asset classes… Retail investors can easily access crypto, NFTs through a transparent and intuitive user interface. and we created a single integrated platform for them to buy and sell traditional stocks.”
Coinbase, the largest US crypto-asset trading platform by trading volume, said that it does not plan to offer such a service. Binance, the world’s largest crypto-asset trading platform, also previously suspended its tokenized stock service due to regulatory pressures. Therefore, the move in question may make FTX stand out a little more.
