Robinhood takes a different approach to the market than the two exchanges, starting with equities and going into crypto.
FTX US and Bitstamp USA are developing stock trading platforms, which would be a further setback for Robinhood as its stock price plummets to new lows.
Brett Harrison, the president of FTX in the United States, tweeted on Tuesday that the crypto exchange is “hard at work on stocks,” with a debut expected in “a couple months.”
We’re hard at work on stocks! Features we’re planning for day 1: -Live BBO and historical candles-Stock screening/search functionality-Basic fundamentals (market cap, P/E ratio, dividend yield)-Portfolio performance tracking, order/trade detailsWhat else should we have? pic.twitter.com/q2bTpsfuna— Brett Harrison (@Brett_FTXUS) January 11, 2022
FTX’ journey into the stock market
FTX isn’t new to the stock market. The crypto exchange’s worldwide arm unveiled a function in October 2020 that allows consumers to trade tokenized equities fractionally.
In a Jan 14 interview with Bloomberg, Bitstamp USA CEO Robert Zagotta stated the exchange is thinking about getting into equities, non-fungible tokens (NFTs), and crypto derivatives.
Offering low-cost stocks trading will enable the two crypto exchanges to attract a user base of meme stock investors akin to Robinhood, which offers both crypto and stock trading.
At this point, Robinhood ($HOOD) isn’t likely to embrace the added competition. The American financial services firm finished at an all-time low of $15.30 on January 13 as both stock and cryptocurrency activity cooled.
Robinhood takes a different approach to the market than the two exchanges, starting with equities and working its way up to crypto. It’s been adding new features to its cryptocurrency service for a while now, and the beta version of its crypto wallet function is set to launch this month. Users will be allowed to take cryptocurrencies out of the platform as a result of this.
$HOOD closes at an all time low.— unusual_whales (@unusual_whales) January 13, 2022
Interest from the Shiba Inu community might be a bright light for Robinhood. Shiba Inu Coin ($SHIB) has been surging thanks to reports that it might be listed on Robinhood as soon as next month. In just three days, the cryptocurrency has recovered roughly 30% of its value. CEO Vlad Tenev, on the other hand, has repeatedly disputed such allegations.