FTX to Expand Into Stock Trading

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KEY POINTS

  • FTX has been ambitious since the very start, plunging into the mainstream news with national ad campaigns, the company wants to become a leading U.S. crypto exchange.
  • Trading stocks on the FTX.US app is open today, but it’s in beta, so for now only a limited number of users currently have the option.


New innovations abound in the crypto-verse as FTX adds stock trading to its ecosystem.

EDITOR'S NOTE:

On November 11th, FTX filed for bankruptcy and announced that the company's founder and CEO, Samuel Bankman-Fried, is stepping down. The U.S. House Committee on Financial Services will also be investigating the collapse. For coverage of other currencies, we suggest reviewing our list of the best crypto apps and exchanges.

Although you may know FTX.US from its extremely clever Superbowl commercial starring Seinfeld creator Larry David, FTX is still a very new-to-the-market cryptocurrency exchange. Founded in 2019 by Brett Harrison, a Harvard alum software developer, FTX.US is on a mission to become a leading U.S. crypto exchange.

New horizons

Brett Harrison announced via Twitter today, “Beta for stocks on FTX US opening today.” That’s right, the crypto exchange will now allow users to trade stocks and exchange-traded funds right there on its app where users trade cryptos like Bitcoin and Dogecoin.

They are beginning to roll this out to just a limited number of users in the U.S., but the goal is to expand so that it will be available to all U.S. customers within the next several months. When speaking of where he would like to see it go, Brett Harrison stated, “What we eventually want to offer is an everything app for financial services.” So there is potential for this app to offer even more trading options in the future.

Responding to a rapidly changing market

As cryptocurrencies are seeing huge sell-offs and a dip into a bear market, it's a strategic time for FTX to make this expansion. It is also a way for them to bring in new investors who may have been hesitant to venture into the crypto world prior to now. Those investors can stick with traditional investing, but do it on FTX.US. And of course, the options for trading in crypto will be available.

But for the many users who already trade in both crypto and stock exchange assets, they now have a place to trade all of these without having to split up their funds. The convenience alone of having so many assets available to trade in one place could be enough to bring in more investors.

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If all this exchange talk has piqued your interest, you may want to know what is available other than FTX. Check out our picks for the best cryptocurrency exchanges and apps to find out.

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