FTX To Acquire Stock Trading Platform Amidst Expansion

The exciting events continue in the crypto space while the markets are struggling to recover. Check out the latest reports below.

CNBC reported that the world’s third-largest cryptocurrency exchange by volume, FTX, is targeting stock trading startups for acquisition.

CNBC sources revealed the fact that FTX has approached at least three stock trading startups with a view of acquiring them.

The report revealed that there are talks at an early stage and no term sheets were signed. A term sheet is a non-binding agreement indicating basic terms and conditions upon which a potential investment could be made.

According to the notes coming from the original article, “Among the stock trading firms that were approached by FTX include Apex Clearing, a digital clearing and custody engine founded in 2012, and Public.com, an investing platform started in 2019.”

More than that, it’s been revealed the following:

“CNBC sources say that FTX also approached Webull Financial, a Chinese-owned stockbroker based in New York that was founded in 2017.”

According to the same notes, the report comes amid plans by FTX’s US subsidiary to roll out a commission-free equities trading service on its platform known as FTX Stocks.

According to FTX.US president Brett Harrison, the move into stocks is driven by “clear market demand.”

Following the drop in the crypto market, there are various reports about institutional investors.

There is a new report saying that institutional investors are accumulating Cardano (ADA) and Polkadot (DOT). Check out the latest reports coming from CoinShares below.

It’s been just revealed that a leading digital asset manager says institutional investors are taking an interest in Cardano (ADA) and Polkadot (DOT). This is happening while heavily de-risking from Bitcoin (BTC).

In the latest Digital Asset Fund Flows Weekly report, CoinShares found that BTC suffered $154 million in outflows last week, leading a digital asset market that saw outflows of $141 million total.

“Digital asset investment products saw outflows totaling $141 million last week. The ongoing volatility has led to fickle investors with some seeing this as an opportunity while the aggregate sentiment is predominantly bearish.”