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Bitstamp USA And FTX US To Offer Stock Trading Services Soon

Crypto exchanges are pursuing methods to broaden their dimensions, and it appears that the blockchain industry does not have enough room. Presently, the US-based sub-branches of Bitstamp and FTX could initiate providing their consumers with equity trading services. As per a Bloomberg published report, the respective exchanges are moving toward the likely ways to be a part of the space of conventional finance.

On the accomplishment of their plan, both Bitstamp and FTX provide various services to the consumers thereof to focus on their wealth’s considerable amount under custody.

Crypto gets together with stocks

It’s ambiguous whether the respective venues have any intention to turn into some brokers or stock exchanges, nevertheless, it is noteworthy that even though they need a tedious process of regulation, the general notion is that becoming a broker is convenient (such as Robinhood) instead of exchange (such as Nasdaq). The respective platforms had indicated an interest to enter the stock market formerly, thus the reports verify speculation regarding the business model that the exchanges are willing to adopt.

Robert Zagotta – Bitstamp USA’s CEO – while appearing in a Bloomberg interview, highlighted the interest of the exchange in the provision of stock trading services, however, the words thereof pointed out that it was just exploratory. He added that if Bitstamp USA intended to widen its scope, it could concentrate on acquisitions or partnerships to accelerate the process of regulation. FTX US became more aggressive and took a direct approach. On 11th January this year, Brett Harrison – the CEO of FTX US – claimed that the company would prefer the stock market.

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Real vs tokenized stocks

It is significant considering that FTX had in advance has a taste of the stock market, providing its consumers with tokenized stocks’ trading opportunities over the blockchain showing the prominent SP500 firms’ price. Nonetheless, the regulatory pressure put a negative impact on these products. The rest of the exchanges avoided the problem. Binance, for instance, provided the chance to trade the tokenized stocks during the recent year.

But, Binance began with Tesla and then rolled back its product just after three months because of cautions issued by US watchdogs. Bloomberg inquired Binance whether it intended to participate in the stock market, however, the exchange mentioned its interest in the crypto market. Coinbase recently obtained an exchange of derivatives, thus it could map the business interests thereof.

📰 Also read:  WEF Releases White Paper Acknowledges Urgency of Regulating Crypto Assets

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Mubashar Nawaz (United Arab Emirates)

Mubashar Nawaz is an experienced crypto writer working for Tokenhell. Having passion for writing, he covers news articles from blockchain to cryptocurrency.

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