Cryptocurrency exchanges “FTX” and “Bitstamp” move to provide stock trading services
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Answer Cryptocurrency exchanges “FTX” and “Bitstamp” move to provide stock trading services
Cryptocurrency exchanges are looking for ways to expand their reach, and it seems that the space for blockchain and crypto is no longer enough.
Now, the US subsidiaries of these companies “FTX” and “Bitstamp” may be about to start offering stock trading support.
According to a report by Bloomberg, both companies are fine-tuning the details to enter the world of traditional finance.
If their plans come to fruition, FTX and Bitstamp will offer their clients enough diversified services between trading crypto assets and traditional ones.
Crypto stocks meet:
It is unclear whether both platforms want to apply to become exchanges or trading brokers, but it is important to note that while both platforms require a tedious regulatory process to go through, the general consensus is that it is easier to be a broker (such as Robinhood ) from stock exchanges (eg NASDAQ).
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Both “FTX” and “Bitstamp” have indicated their interest in penetrating the stock market in the past, so the reports confirm speculation about the business model these platforms wanted to adopt.
In an interview shared by Bloomberg, Robert Zagota, CEO of Bitstamp in the United States of America, indicated that the company was interested in offering stock options trading, but his statements made it clear that they were all exploratory.
He said that if the company decides to expand, Bitstamp USA could focus on partnerships or acquisitions to speed up the regulatory process.
For its part, FTX USA took a direct approach.
In a tweet dated January 11, 2022, the CEO of FTX US confirmed that the stock market was a priority for the company.
Bloomberg has reached out to Binance to see if it expects to enter the stock market, but Binance said it will focus on the cryptocurrency market for the time being.
Coinbase declined to respond, although the company recently acquired a derivatives trading platform, so it may be easier for analysts to identify its next business interests.
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