According to a report by CNBC media outlets, it indicates the FTX cryptocurrency exchange has been strategizing to buy brokerage startups. This new interest arrives after the crypto exchange recently extended into stock trading.
It has been disclosed by sources that are conversant with negotiations that the Bahamas-based crypto exchange has met up to three privately held stock trading startups for a probable procurement. The sources asked to remain anonymous because the talks are confidential.
Recently, FTX has had talks with firms such as Apex clearing, Webull, and public.com, and others, according to sources.
As of last week, FTX unveiled plans to shift to equities. The exchange plans to provide commission-free transactions in the U.S as part of its endeavors to acquire more users. FTX has already made strategic investments in the platform. In April, the firm purchased a stake in IEX Group, a prominent stock exchange that is based in New York. Earlier this month, FTX CEO Sam Bankman-Fried purchased a major stake in Robinhood despite opinions that the crypto firm is seeking a potential acquisition. Moreover, the Robinhood overthrow might seem to be challenging without the approval of the founder.
FTX has been aspiring to become a leading crypto exchange in the U.S. As of last week; the exchange initiated trading stocks on the FTX.US app for a certain number of users, with full rollouts underway. The crypto exchange plans to enable users to trade exchange-traded funds and stocks on its app.