FTX US becomes the first cryptocurrency exchange to join the stock market.
On May 19, the owner of West Realm Shires Services FTX US announced that it would launch a stock exchange platform called FTX Stocks.
FTX Stocks will be the first-ever platform to allow retail shareholder accounts to get financed using fiat-backed stablecoins such as USDC. This will be carried out through a partnership with the FTX US crypto exchange, in addition to the conventional USD deposit options of credit card deposits, wire transfers, and ACH transfers.
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The trading platform will first roll out in a beta version where a limited number of US users from the waitlist will be selected for participation.
Brett Harrison, the president of FTX US, stated that the objective of such a platform is to provide customers with a comprehensive investment solution throughout all asset classes. He continued and commented that:
“With the launch of FTX Stocks, we have created a single integrated platform for retail investors to easily trade crypto, NFTs, and traditional stock offerings through a transparent and intuitive user interface."
On top of that, to ensure the transparency of trading processes and equal prices, FTX Stocks will additionally process all of its transactions through the American multinational financial services corporation Nasdaq.
Harrison also added:
"There is clear market demand for a new retail investment experience that offers full order routing transparency to customers and does not rely on payment for order flow. As we grow the product offering and capabilities, we are excited to give our customers even greater choice for order execution, as well as the tools they need to make informed routing decisions."
FTX US is a new US-regulated cryptocurrency trading platform. The San-Francisco-based company was founded in 2020 and believes in growing the digital currency ecosystem.
Back in April, FTX made a strategic investment and joined forces with IEX to strengthen cryptocurrency markets.
