Cryptocurrency

FTX Shops Stock Platforms Webull, Apex, and Public.com

A week after announcing plans to offer stock trading on its platform.

Cryptocurrency

FTX Shops Stock Platforms Webull, Apex, and Public.com

A week after announcing plans to offer stock trading on its platform.

First reported by CNBC, the cryptocurrency exchange FTX is shopping for stock brokerages to acquire, holding talks with platforms like Webull, Apex, and Public.com. The news comes a week after the crypto exchange announced its plans to offer stock trading to its users.

Founded by 30-year-old billionaire CEO Sam Bankman-Fried, FTX is on a path to becoming a one-stop shop for investments ranging from NFTs to traditional stock. Bankman-Fried recently acquired a 7.6% stake in the Robinhood brokerage, the stake was valued at nearly $650 million — many assume it is a strategic move as FTX begins to offer its own stock trading products.

The new offering from FTX will allow users to trade and invest in hundreds of US exchange-listed securities from common stocks to exchange-traded funds (ETFs), which simply defined act as a basket of stocks under one ticker. The company plans to integrate the offering into its existing cryptocurrency exchange application, making it possible for users to purchase stock using fiat-backed stablecoins like USDC — an industry-first integration.

“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 (PFOF),” said FTX US President Brett Harrison in regard to the new product. PFOF is the compensation and benefit that a brokerage firm receives for directing orders to different parties for trade execution, ultimately making money in the margins of quoted prices of equities to retail investors — this is something FTX is looking to do away with.

Elsewhere in Crypto, Coinbase becomes the first cryptocurrency exchange to be listed in the Fortune 500.

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