The cryptocurrency exchange FTX is reportedly entering the market for brokerage startups as part of its recently made plans to support stock trading on the platform.
‘Zero-commission’ trading
The crypto exchange has also announced that in the application of FTX.US, they will initially trade shares without commission. Users can fund their accounts through stablecoins. However, it is expected that at a later date, after everyone has had a chance to become familiar with the new trade, something of a commission will be charged. It is still too early to say exactly what this model will look like and how much commission will be asked for.
In addition, the company is said to have already had various discussions with at least 3 starting brokers about possible takeovers. These would be the companies called ‘Apex Clearing’, ‘Webull’ and ‘Public.com’. However, FTX has not yet officially confirmed such reports.
Possibly larger acquisitions at a later date
All the above companies are registered with the financial regulatory body in the country. They are also members of the Securities Investor Protection Corporation, which indicates that they have favorable terms with various government agencies, including the SEC.
It’s still relatively early to say whether FTX is primarily looking for start-ups to support its equity-focused initiatives, or whether the company also has bigger long-term acquisitions in mind. This will become clear as more time is provided.