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FTX and IEX launch digital securities trading platform

FTX and IEX launch digital securities trading platform

Both companies plan to implement the possibility of trading securities by creating digital assets on them. 

Why It Matters:

  • It will be possible to trade securities outside the U.S.
  • It will enhance FTX's position worldwide

According to the IEX press release, the companies agreed to create a new platform and make a strategic investment. If the state regulator approves the deal, it will be completed as early as May. Moreover, in the coming weeks, FTX and IEX will share plans on how investors can expand their participation in the digital securities market. 

Sam Bankman-Fried, CEO of FTX, commented, “Investing in IEX created a tremendous opportunity for FTX US. With this investment, we’re aligned with one of the most trusted and innovative companies in equities markets. I’ve long respected Brad’s vision for IEX to be an exchange that caters to the needs of the investor and treats them fairly – part of the reason why we’ve operated similarly at FTX. As a result, we will collaborate on the further establishment of crypto market structure and work closely with regulators, allowing institutions around the world to enter the marketplace seamlessly.”

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Two MIT graduates, Sam Bankman-Fried and Gary Wang, founded the FTX cryptocurrency exchange. Previously both were engaged in trading stocks on the stock market, but in 2019 they decided to create a new exchange concerning digital coins. In two years of operation, the company managed to raise more than $900 million (with a business estimate of $18 billion). Initially, the headquarters was located in Hong Kong, but in September 2021 it was moved to the Bahamas.

Trading volume: ~$10 billion.

Number of trading pairs (markets): 435

Legal status: registered in the Bahamas

Fiat currencies: 10 (including USD, EUR, GBR)

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