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FTX, the cryptocurrency exchange signaled its determination to expand “across all asset classes” as it launched a US equities trading service that will accept payments in some stablecoins as well as US dollars. “We would like to become the ‘everything exchange’ and the ‘everything app’ when it comes to financial services and fintech in general,” said Brett Harrison, FTX US president.
For now, FTX Stocks, as the new offering is known, will charge no fees or commissions and will not accept payments for its order flow, as Robinhood does. Asked how the operation would make money, Harrison said, “It’s not an essential part of our business for this to be profitable on day one.” He said that could change, depending on how the service is received. To distinguish itself, FTX US said it would accept payment for stock purchases in “fiat-based stablecoins” including USD Coin and Binance USD. This would exclude so-called algorithmic stablecoins such as TerraUSD.
https://www.ft.com/content/8379f141-8b94-438e-8347-cb5ffdf003ac
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