FTX US has announced that select customers can now trade stocks and ETFs, thus making it the first native crypto exchange to offer equities within its platform.
The new product is called FTX Stocks and will let users fund their accounts with the USDC stablecoin as well as bank transfers.
For now, FTX Stocks will be available to a small number of customers selected from a waitlist, but the company expects to roll it out to all users by mid-summer.
Meanwhile, FTX US also says that its new stock offering will not—for now at least—earn the company money from so-called payment for order flow (PFOF).
PFOF involves bundling customer orders together and then routing them to a third-party market maker like Citadel Securities, which executes the orders and pays a fee for doing so.
At the start of 2022, FTX US says it had grown to 1.2 million customers from around 10,000 at the start of the previous year.