United States subsidiary of the crypto exchange platform and NFT marketplace giant FTX, FTX US, has implemented its expansion plans to offer its users the opportunity to trade Exchange-traded funds (ETF) and stocks.
FTX US President Brett Harrison revealed that the offering would be available to United States citizens of all 50 states, including the Virgin Islands and Puerto Rico. On the company’s website and mobile application, American users can buy and sell stocks of popular businesses like Apple (AAPL), Tesla (TSLA), and Amazon (AMZN), as well as trade ETFs.
FTX Stocks is now live for US users!
Residents of all 50 states (yes, including NY!) as well as PR and USVI can sign up.
Trade hundreds of stocks and ETFs from both the web (https://t.co/dNB6shHp9j) and the FTX US Pro mobile app.
Feedback welcome! pic.twitter.com/hwzg2aTS0t
— Brett Harrison (@BrettHarrison88) July 27, 2022
All-in-one investment platform
Two months ago, as TheCoinRise reported, FTX US introduced the service in its initial version. The feature, however, was formerly restricted to a select group of customers.
Harrison laid out his company’s long-term objective to develop into an all-in-one investment platform in June of this year. Along with offering stock trading services, it also wants to give American users the first real-time, round-the-clock margin for futures:
“For most clearing houses today, the margin is done once per day, five days per week. We’re proposing to do this real-time, every 30 seconds, 24/7, and that is a novel aspect of our application.”
In May, as part of its announced intention to increase support for stock trading, FTX was reportedly looking for brokerage startups.
The massive expansion of FTX US
The US branch of FTX is one of the fastest-growing exchange platforms globally. It achieved a $400 million funding effort at the start of 2022, led by Temasek Holdings in Singapore and Japan’s SoftBank Group Corp. The investment increased the company’s estimated worth to $8 billion.
By collaborating with the Equity and Transformation (EAT) organization to “provide $500 per month in supplemental income, financial literacy education, a zero fee bank account with access to investment products, and a Visa debit card, to 100 Chicagoans,” FTX US also opened its new headquarters in Chicago in May of this year.