Now you can buy Tesla (TSLA), Apple (APPL), Facebook (FB), Alphabet (GOOGL) and Amazon (AMZN) derivatives on FTX exchange
Crypto derivatives exchange FTX will now let users buy fractions of shares such as Tesla (TSLA), Apple (APPL), Facebook (FB), Alphabet (GOOGL) and Amazon (AMZN) derivatives. Fractional stock trading allows buying less than one share, and it is particularly useful for high-cost stocks.
“To facilitate liquidity, the tokens represent a fraction of one share, meaning traders will be able to trade half of a share at a time if they want”, FTX CEO Sam Bankman-Fried told AZCoin News.
“These products demonstrate a powerful future, in which assets are digitized and traders have unlimited creative potential to express their beliefs about the markets,” the CEO added.
The products were launched on Oct. 29 in partnership with German-licensed investment Firm CM-Equity and tokenization firm Digital Assets AG.
“CM-Equity custodies the stocks. Tokens on them are then traded on FTX and are redeemable for the underlying stocks,” explained Bankman-Fried. “CM-Equity is a licensed entity and conducts compliance on all of the participating customers and trades.”
As with FTX’s other products, equity trading offering won’t be available in the U.S. and its other restricted jurisdictions, such as Iran, Syria, or North Korea.
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