The cryptocurrency platform FTX is in talks to acquire several exchange firms focused on traditional securities, according to CNBC, citing sources familiar with the matter.<\/p>\n
Sources said FTX had approached at least three online brokers with a bid to buy. Negotiations are at an early stage, and no agreements have been signed.<\/p>\n
Sources named Webull, Apex Clearing, and Public.com among the firms the exchange had approached.<\/p>\n
Following its funding round in February 2021, Webull was valued<\/a> at $1 billion, and in the same year Public.com received<\/a> a valuation of $1.2 billion. Apex Clearing planned a merger<\/a> with SPAC<\/span> Northern Star Investment Corp. II, valued at $4.7 billion.<\/p>\n Earlier, the U.S. arm of FTX opened access to trading traditional stocks<\/a> to a restricted group of clients. The service is planned to be extended to the entire platform by the end of June.<\/p>\n The exchange’s chief, Sam Bankman-Fried, noted that the company does not charge commissions on securities trades and does not employ the practice of \u00abpayment for order flow\u00bb<\/a>.<\/p>\n In May 2022, Emergent Fidelity Technologies acquired 7.6% of Robinhood’s shares<\/a>. The value of the securities exceeded $648 million.<\/p>\n