FTX targets stocks – The Covid crisis and the uncertainties surrounding the re-containment do not appear to affect crypto-finance. On October 29, the FTX cryptocurrency exchange announced that it will now be possible to speculate on certain “symbolic” stocks in cryptocurrencies.
The junction of 2 worlds
From now on, The News Spy app will allow its customers to buy shares of Apple, Amazon or Tesla, with bitcoin, for example. Like the crypto market, these securities may be split , that is to say that it will be possible in particular to hold 0.2 Apple shares. This option is particularly attractive for stocks that have a high cost , such as Amazon ($ 3,247) or Google ($ 1,586). This will prove to be more flexible for investors. 12 pairs of stocks and currencies will be available at launch, exchangeable for traditional cryptocurrencies or stablecoins.
“These products portend a powerful future, in which assets are digitized and traders have unlimited creative potential to express their beliefs in the markets. » – Sam Bankman-Fried, CEO of FTX
According to this latter , the financial markets are changing . The addition of these new products reflects the reality of today’s investors. These businessmen come from different sectors and want to make the most of the different opportunities offered by the markets.
A meticulous organization
To carry out this project, FTX collaborated with CM Equity , a subsidiary of Crédit Mutuel. The role of this company will be to keep and secure the shares . Such a partnership adds credibility to the project, as CM Equity is an aggregated entity which ensures compliance of all its clients.
In addition, FTX used the company Digital Assets AG (DAAG) in order to tokenize the various financial securities. Note also that the new FTX offer will not be offered in all countries. The United States , for example, which is subject to more stringent regulations , will not be able to take advantage of this offer.
Finally, this news comes at the same time as the launch of TixWix , an ancillary service. This new kind of platform is also developed by FTX. This will allow you to trade in a “more fun and intuitive” way on several financial markets.