FTX, the second-largest cryptocurrency exchange, is looking to expand “across all asset classes” as it launches a stock trading feature that will accept payments in some stablecoins as well as U.S. dollars.
Sam Bankman-Fried, the founder of FTX crypto exchange, has ambitions to see FTX become the “everything exchange” and the “everything app,” the Financial Times reported.
The Bahamas-based exchange launched FTX Stocks, an equities trading platform offered through the FTX US trading application in conjunction with FTX Capital Markets and West Realm Shires Services, according to a press release Thursday (May 19).
See also: FTX Founder Says Bitcoin Fails as Payments Network
Founder Sam Bankman-Fried recently paid $648 million for a 7.6% stake in the digital brokerage startup Robinhood, which deals in stocks and cryptos. The launch of the new service will roll out in a private beta phase for select U.S. customers chosen from a waitlist, according to the release.
“Our goal is to offer a holistic investing service for our customers across all asset classes,” said Brett Harrison, FTX US president. “With the launch of FTX Stocks, we have created a single integrated platform for retail investors to easily trade crypto, NFTs, and traditional stock offerings through a transparent and intuitive user interface.”
“We would like to become the ‘everything exchange’ and the ‘everything app’ when it comes to financial services and fintech in general,” Harrison added, per the FT. “We are using the lessons learned in crypto to improve upon and, in some cases, disrupt the traditional market structure.”
The chief executive of Goldman Sachs held a meeting with Bankman-Fried last month to explore forging stronger ties between the two companies.
Read more: Report: Goldman Sachs, Crypto Exchange FTX Meet to Discuss Closer Ties
Goldman’s David Solomon and Bankman-Fried met in the Caribbean to discuss the bank advising the crypto firm on its dealings with U.S. regulators, according to a report by the Financial Times, citing two sources close to the matter.
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