FTX US to launch stock trading against stablecoins

cointelegraph.com:

Majorcryptocurrency exchange FTX is moving into equity trading, with its United States-based subsidiary FTX US launching a stock trading platform.

West Realm Shires Services, the owner and operator of FTX US, announced on May 19 the upcoming launch of FTX Stocks, a stock trading service offered directly through the FTX US trading app.

The new stock trading platform will feature trading and investing in hundreds of U.S. exchange-listed shares, including common stocks and exchange-traded funds.

According to the announcement, FTX Stocks will be the first platform to ever allow retail investors to fund their accounts with fiat-backed stablecoins like USD Coin (USDC). The option is enabled via a partnership with the FTX US crypto exchange, providing an alternative option to default deposit methods in the U.S. dollar, including wire transfers, credit card deposits and others.

The FTX Stocks platform will be initially available in a private beta phase for select U.S. customers chosen from a waitlist. The service will also initially route all orders through Nasdaq in order to ensure transparent trade execution and fair pricing, the announcement notes.

“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,” FTX US President Brett Harrison said. He added that there is “clear market demand” for a new retail investment experience supporting “full order routing transparency” while not relying on payment for order flow.

Related: The Brazilian Stock Exchange will launch Bitcoin and Ethereum futures

The news comes shortly after FTX founder and CEO Sam Bankman-Fried criticized the