Crypto Exchanges Set Their Sights on Stocks

In a surprising twist in the financial world, FTX.US and Bitstamp USA are setting the stage to dive headfirst into stock trading. This expansion could spell trouble for Robinhood, already feeling the pinch as its share price tumbles to new lows. With both exchanges working diligently behind the scenes, Robinhood may soon find itself competing on a whole new playing field.

Brett Harrison’s Bold Tweets

On January 11th, FTX.US president Brett Harrison took to Twitter to drop hints that stock trading features are in the pipeline, clearly excited about the upcoming launch. He claimed that they were “hard at work on stocks,” outlining some day-one features that could transform the trading experience:

• Live Best Bid and Offer (BBO) and historical candles
• Stock screening and search capabilities
• Basic fundamentals like market cap, P/E ratio, and dividend yield
• Portfolio performance tracking and detailed order/trade information

Now that’s what I’d call a license to thrill—or at least a step up from just trading meme stocks!

History Repeats: Stocks and Crypto Collide

This isn’t FTX’s first venture into the stock realm, as you might recall. Back in October 2020, FTX’s global arm introduced fractionalized trading via tokenized stocks. A bold move that had both crypto enthusiasts and traditional traders scratching their heads!

Bitstamp’s Aspirations

Meanwhile, Bitstamp USA isn’t standing still. In a recent interview with Bloomberg, CEO Robert Zagotta mentioned that they are toying with the idea of entering stocks, alongside nonfungible tokens and crypto derivatives. A three-pronged attack on the world of investing!

Robinhood: A Rocky Road Ahead?

The timing of all this is particularly spicy for Robinhood, which has been pivoting from stocks to crypto. After closing at an all-time low of $15.30 recently, it’s clear the platform isn’t basking in the success it once enjoyed. With meme stock and crypto trading cooling off, the competition suddenly looks a lot fiercer. But fear not, there might be a glimmer of hope for Robinhood yet!

Shiba Inu Hopes

Rumors are flying that the beloved Shiba Inu (SHIB) meme coin could soon be listed on Robinhood, igniting a feverish rally that saw SHIB rebound nearly 30% in just three days. However, in classic CEO fashion, Robinhood’s head honcho Vlad Tenev has repeatedly denied these claims. So, will hopes of Shiba Inu rescue Robinhood’s flagging stock? Stay tuned!