FTX launched with Amazon, Apple, Tesla, and ‘the works’ aboard its maiden voyage

Prominent crypto-exchange FTX started trading more than a dozen equity and crypto pairs. Features top stocks such as AppleTeslaAmazonFacebookNetflix, and Google.

During the FTX press release, they shared that the fresh “fractional stocks offering” is brought in partnership with Digital Assets AG and CM-Equity AG.

The U.S. Traders and along with other restricted jurisdictions won’t have access to these equities.

Both crypto trading and equities trading have been steadily attracting a wider audience with new market participants coming in,” FTX CEO, Sam Bankman-Fried cited.

As claimed by the FTX exec, these fractional stock products reflect “the reality that today’s traders are industry and sector spanning and want trading opportunities that fully match their interests and mindset.”

The tokens will function much like a depositary receipt or ETF (exchange-traded fund), Bankman-Fried told Bloomberg.

FTX itself lists tokens on the equities. For instance, is a market to trade tokens on Tesla stock. Traders can redeem with CM-Equity for the underlying shares if desired. In the future, there may be other ways to withdraw the tokens from FTX,” the company explained in their FAQ.

Here’s the whole list of equities offered by FTX:

  • Tesla
  • Apple
  • Amazon
  • Facebook
  • Netflix
  • Google
  • Beyond Meat
  • SPDR S&P 500
  • SPDR Gold Shares
  • iShares Silver Trust
  • The United States Oil Fund
  • Bilibili
  • Alibaba
  • Nio
  • iShares China Large-Cap ETF, iShares MSCI EAFE ETF, and iShares MSCI Emerging Index Fund

They’ll be traded versus bitcoin (BTC), stablecoins, and some of the altcoins.

FTX has since joined other crypto-related companies already offering similar services. Digital money platform Uphold said it enabled people across Latin America to invest as little as USD 1 in major companies such as Google, Facebook and Amazon.

The crypto investing app Abra too announced the option for its users to buy stocks in these and other significant companies. California-based broker Robinhood, which has lately been often discussed. Offers the purchase of slices of stocks; and Cash App, the payments app from US-based payments company Square, founded and led by well-known Bitcoin bull, Twitter CEO Jack Dorsey, announced stock trading support a year ago as well.

Meantime, 2019 was quite a year for this option, as the brokerage giant Charles Schwab also unveiled its plans to enable traders to buy fractional shares of stocks, and investment banking giant JPMorgan Chase launched an option for clients with less than USD 5,000 in ETFs and cash balances to trade whole and fractional shares.

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