FTX to Expand Into Stock Trading
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.
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.
Our top crypto play isn't a token - Here’s why
We’ve found one company that’s positioned itself perfectly as a long-term picks-and-shovels solution for the broader crypto market — Bitcoin, Dogecoin, and all the others. In fact, you've probably used this company's technology in the past few days, even if you've never had an account or even heard of the company before. That's how prevalent it's become.
Sign up today for Stock Advisor and get access to our exclusive report where you can get the full scoop on this company and its upside as a long-term investment. Learn more and get started today with a special new member discount.
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.
Alert: our top-rated cash back card now has 0% intro APR until 2025
This credit card is not just good – it’s so exceptional that our experts use it personally. It features a lengthy 0% intro APR period, a cash back rate of up to 5%, and all somehow for no annual fee! Click here to read our full review for free and apply in just 2 minutes.
Our Research Expert
Katie Clinebell is a freelance content creator and digital marketing strategist for FinTech, blockchain, and crypto brands. She has created award-winning campaigns for Snapple and Tai Pei Frozen Asian Food and received an Adobe Academic Achievement Award for content about Olympic athletes.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.
Related Articles
View All Articles
By: Ben Gran | Published on Jan. 26, 2024
By: Steven Porrello | Published on Feb. 28, 2024
By: Ben Gran | Published on Feb. 27, 2024
By: Maurie Backman | Published on Feb. 27, 2024
By: Chris Neiger | Published on March 2, 2024