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- FTX.US and Bitstamp USA are considering adding stock trading to their platforms.
- The FTX.US president tweeted the company has been "hard at work on stocks."
- Robinhood stock slumped 6%, contribuing to their overall decline so far in the new year.
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Robinhood stock closed 6% lower on Thursday after a report from Bloomberg revealed crypto exchanges FTX.US and Bitstamp USA may add stock trading to their platforms.
Brett Harrison, the president of FTX.US, tweeted Tuesday the exchange is "hard at work on stocks" and hoping to have features like live prices, company data, portfolio performance tracking, and more. The addition could come in the next couple of months, Bloomberg said.
As for Bitstamp USA, CEO Robert Zagotta told Bloomberg in an interview that the exchange is considering adding stock, crypto derivative, and NFT trading to the platform. The additions could hit Robinhood, the well-known stock-trading platform that went public last year.
So far this year, cryptocurrencies have been largely in a rout spurred by a hawkish report from the US Federal Reserve indicating the central bank would soon start rapidly curtailing its support for the economy. Bitcoin, for its part, is trading around $42,000, a drop from its November high of about $69,000.
Representatives from the exchanges did not immediately respond to Insider's request for comment.
FTX, the $25 billion cryptocurrency exchange founded by 29-year-old billionaire Sam Bankman-Fried, has been on a marketing spree lately. Last year, it purchased a 2022 Super Bowl ad, bought the naming rights to the Miami Heat's stadium, and tapped NFL superstar Tom Brady to be a brand ambassador.
Title: Robinhood drops on report crypto exchanges Bitstamp and Sam Bankman Fried's FTX are working to add stock trading to their US platforms
Sourced From: markets.businessinsider.com/news/stocks/robinhood-stock-price-ftx-bitstamp-add-stock-trading-us-platforms-2022-1
Published Date: Thu, 13 Jan 2022 21:05:21 +0000
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