Crypto Exchange FTX Launches Bitcoin Pairs for Wall Street Stocks Like Tesla, Apple, Amazon

Crypto derivatives exchange FTX will give cryptocurrency traders the opportunity to trade tokenized shares of major companies like Apple Inc. and Amazon. The so-called fractional stocks will soon be available on the company’s platform.

Tokenized Shares To Some Of The Biggest

As per a recent report, FTX will be partnering with German financial firm CM Equity AG and Swiss-based Digital Assets AG. The cooperation aims to offer traders the so-called fractional stocks – about twelve stock/crypto pairs that will be traded on FTX’s platform.

Alongside additions like Apple Inc. and Amazon, the list of company stocks includes Netflix Inc., Facebook Inc., Tesla Inc., and the SPDR S&P 500 exchange-traded fund.

According to the news report, FTX’s move is part of a more intense urge towards the cryptocurrency industry to popularize securities token listings.

Reportedly, the new token additions will target investors who find it hard or inconvenient to access a variety of stocks via traditional markets.

Sam Bankman-Fried, CEO of FTX, said:

“For a lot of people, it’s a hassle” to access stocks. There are ways to do it, but they feel very much old and clunky. Giving people access broadens out what you can trade.”

He also added that the tokens will behave much like a depositary receipt or an exchange-traded fund (ETF). Investors can trade them on FTX but will have to cash them out because of the underlying security via CM Equity, which holds the actual securities.

Reportedly, there will be no management fees for holding the tokens. Trading fees will remain, though. The launch will go live shortly after the beginning of the registration on Thursday. Traders in the U.S. and FTX’s other restricted jurisdictions won’t be able to trade the newly added tokens.

Delivering Different Trading Opportunities

FTX is known for launching products that are rather different than those on other traditional cryptocurrency exchanges. It was one of the first venues to launch an index on Uniswap coins back when the DeFi boom was all the rage on the crypto market.

As CryptoPotato reported, recently, the company launched a Uniswap futures index combining the top 100 pools on the Uniswap platform. The project offered traders to employ a traditional digital asset exchange to access markets through the decentralized trading platform.

 

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