Stablecoins such as USD Coin can be used to fill customer accounts on the FTX US crypto exchange, allowing ordinary people to invest in cryptocurrency.
FTX is launching a stock trading platform in the United States, with its United Nations-based subsidiary FTX US entering equity trading.
West Realm Shires Services, the owner and operator of FTX US, announced on Thursday the upcoming launch of FTX Stocks, a stock trading service offered directly through the FTX US trading app.
Hundreds of U.S. exchange-listed equities, including common stocks and exchange-traded funds, will be available on the new stock trading platform.
The first platform to allow retail investors to fund their accounts with fiat-backed stablecoins like USD Coin (USDC) is FTX Stocks, according to the announcement.
The partnership with the FTX US crypto exchange allows customers to use Bitcoin as a default deposit method in the United States, along with several other alternatives, such as wire transfers and credit card deposits.
The Financial Times Exchanges Stocks platform will be made accessible to a limited number of U.S. investors from a waiting list in a private beta phase. Orders will initially be routed through Nasdaq to ensure that trade execution and pricing are both fair, according to the press release.
According to sources, Sam Bankman-Fried, the founder and CEO of FTX, has criticized Bitcoin (BTC) as a payment network in recent days. He stressed the need for a more scalable Bitcoin mining consensus, arguing that millions of transactions can’t be processed.
The CEO has also been investing in leading players in the industry, totaling approximately $650 million in Robinhood stock as of May 2022.