One of the most valued crypto exchanges in the United States, FTX, showed its latest advances in the industry by becoming part of the US equities market. The company, guided by Bankman-Fried Sam as its CEO, aims to expand throughout the industry, central and decentralized, to reach the next level. According to reports, the platform will have a trading scheme in US shares open for transactions in fiat and stablecoins.
Bankman-Fried is reportedly revamping the company’s operations from last year when it acquired a regulated brokerage. The CEO indicates that until now, only pre-selected clients from a list established in the first quarter of the year can participate in the equities market.
FTX and the equities market
FTX, a major crypto exchange in the US, is looking for a position in the equities market. According to the central executive at FTX-us, Harrison Brett, the company has one purpose: to offer an integrated trading scheme.
Harrison indicates that FTX seeks to cover all areas to become the Exchange that offers everything, referring to central and decentralized operations. The executive confesses that the company is taking advantage of its experience in the crypto industry to implement it in classic trading and thus show a refreshing trading option.
The news about the Exchange and its entry into equities trading services comes after the CEO invested around $648,000,000 in the Robinhood platform. Faced with such investment, Bankman-Fried clarifies that it does not seek to control the trading platform but wants to support its developments.
Crypto company expands its trading services
While FTX CEO Bankman-Fried has said he does not want to control Robinhood after making a vast investment, the US-based company’s boss, Harrison Brett, confesses the platform is the closest competitor they have. Harrison indicates that his team has studied the trading scheme at Robinhood to take it as inspiration in his project and also to optimize some of his operations.
So far, the FTX extension to the equities market will not cover a tax rate and will not have payments based on the number of active clients. Harrison notes that the US equities trading extension is not looking to make money from launch but will eventually be profitable.
He indicates that the company’s extension will accept stablecoins such as BNB and USDC. But it also prepares the platform for fiat currency transactions. Harrison confesses that his plans do not include the adoption of USDT, much less Terra USD, which lost its parity with the US dollar in recent days. The FTX project looks promising, and crypto fans have to wait for its big launch to check its profitability.
Source: https://www.cryptopolitan.com/ftx-participates-in-the-us-equities-market/