FTX US has announced that users based in the US will get access to stock trading services. The services will be available top FTX users located across all 50 US states as part of an effort by FTX US to expand the products and services offered on the platform.
FTX US offers stock trading
The President of FTX US, Brett Harrison, said that the offering would be available to all citizens of the US including Puerto Rico and the United States Virgin Islands. The exchange will allow these users to access stock trading and exchange-traded funds (ETFs).
The FTX US website will now support the purchase and sale of stocks from some of the largest companies like Amazon (AMZN), Apple (AAPL), and Tesla (TSLA). The company will also support the trading of exchange-traded funds (ETFs).
Two months ago, FTX US unveiled the first version of the stock trading service. However, this option was only available to a few users, but stock trading services are now open to all users on the exchange.
Last month, Harrison outlined the company’s long-term vision to become the platform that supports trading all types of investments. Besides offering stock trading services, the company also plans to provide a wide range of services to its US customers, including the first real-time 24-7 margin trading for futures to US users.
The company said that most clearinghouses today only provide margin trading once daily and five times weekly. However, FTX had a plan to support real-time margin trading after every 30 seconds, 24/7. This move would form the basis of the FTX application.
FTX operations during the bear market
FTX US is one of the fastest-growing exchanges in the US. At the beginning of the year, FTX US raised $400 million in a funding round led by Softbank Group Corp. and Temasek Holdings in Singapore. After this funding round, the company’s valuation increased to $8 billion.
FTX is among the few crypto firms that have proved liquidity amid the bear market. The company has bailed out crypto firms affected by the ongoing bear market, including BlockFi and Voyager. FTX recently proposed a deal to Voyager to onboard the users tied up in bankruptcy claims. However, Voyager rejected the offer saying it would harm its customers.
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Source: https://insidebitcoins.com/news/ftx-us-opens-stock-trading-for-american-customers