The Bahamas based firm, FTX is on the hunt for acquiring brokerage start-ups as the crypto exchange expands into stock trading.
FTX is rumoured to approach three private trading start-ups Webull, Apex Clearing and Public.com in recent months. The discussions have been very confidential and all parties related to the matter have not commented anything yet.
The report comes right after the CEO of FTX, SBF took a serious stake in Robinhood, the stock trading app. The markets of Robinhood rose by 25% on May 13th after the Bankman-Fried deal.
Emergent Fidelity Technologies, a company whose sole owner is FTX founder Bankman-Fried, revealed that it owns 56 million shares in Robinhood, as per a 13D filing.
While a regulatory filing stated Bankman-Fried saw Robinhood as an “attractive investment” with no intentions to buy it or push modifications on the company, the paperwork raised some questions.
FTX US announced its entry in Stock Trading just last week. It is safe to say that FTX is serious about its entry and it will be taking some important decisions in order to take a good position in stock trading.
