Cryptocurrency exchange FTX has decided to expand beyond cryptocurrencies and will be offering traditional stock trading.
This will come on top of any existing crypto offering, as the company seeks to bring the worlds of finance closer together, regardless of whether it’s based on the blockchain or mainstream finances.
The company said that it will be offering hundreds of commission-free assets, such as US exchange-listed securities.
Customers will be able to add funds to their accounts using credit card deposits or ACH transfers, or alternatively – wire transfers.
FTX will enable consumers to similarly fund their accounts with USDC, a popular stablecoin that is backed by fiat currency.
This may be a little scary to some, given the most recent debacle of the TerraUSD and Luna tokens which have sent the crypto market in the doldrums with billions lost on the stablecoins.
FTX may be making the shift – or rather choosing to branch out – as it understands that over-exposure to cryptocurrencies is no longer a viable course of action.
Coinbase, another cryptocurrency exchange, decided to altogether halt its rapid recruitment process as it said that it would need to reassess its strategy.
The company was also impacted by the crash of stablecoins which dragged with them prices for the mainstream cryptocurrencies out there, including Bitcoin, Ethereum, Dogecoin, all falling rapidly.
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