The FTX cryptocurrency exchange will select US consumers that will be able to trade stocks and exchange-traded funds (ETFs) through the FTX Stocks app.
FTX. According to a CNBC story, the US would offer commission-free stock market trading, with orders routed to Nasdaq through its clearing firm Embed.
FTX Stocks is unlikely to make money in the near future, and orders will not be sent to high-frequency traders for payment, a process that has recently been scrutinized by regulators. The Wall Street Journal quoted US President Brett Harrison.
According to Harrison, FTX Stocks wants to recruit more clients to its platform.
The exchange aspires to be a one-stop shop for all financial trading needs, and it plans to add more traditional financial services to its platform, such as futures trading, allowing consumers to trade stocks and cryptocurrencies from the same interface.
Sam Bankman-Fried, the CEO and founder of FTX.US partner FTX, has purchased a 7.6% investment in Robinhood, a stock and cryptocurrency trading platform.
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