Crypto exchange FTX may have just rolled out support for zero-fees stocks and ETF trading in the U.S. According to reports, the service is presently in its pilot stage. Hence, it will only be available to a select few users at the moment, with the full rollout slated to come in the next few months.
Meanwhile, the move is one of many such for the company as it intensifies its efforts to become an all-inclusive financial services firm.
Crypto exchange FTX reveals reason for rollout
According to a May 19 report by Wall Street Journal, FTX will be offering stock trading via the FTX.US mobile app. But as the president of FTX.US Brett Harrison says, the long-term aim is to offer an app that will be all-encompassing. Speaking to WSJ, Harrison said in part:
“What we eventually want to offer is an everything app for financial services.”
Harrison also mentioned how FTX had been working on the stocks and ETFs trading since earlier in the year.
Meanwhile, it might be necessary to note that FTX is not alone in integrating stock and crypto trading services. Companies such as Public.com, Block’s CashApp, and Robinhood also offer similar services. Nevertheless, FTX is still the first crypto exchange platform to penetrate traditional financial markets.
As exchange continues to see massive growth
FTX is arguably one of the world’s biggest exchanges. And with Sam Bankman-Fried at the helm of affairs at the firm, FTX has been seeing a massive amount of growth, especially in the year running.
Earlier in the year, the exchange reached a $32 billion valuation. Furthermore, it has been on an expansion spree, spreading its tentacles into Europe, Australia, and the UAE.
Despite its ambitions, however, FTX has been keen on maintaining its status as one of the biggest crypto exchanges. But most importantly, it has consistently worked on staying compliant with relevant U.S. authorities and global regulators.