FTX

Based in the Bahamas, FTX is a cryptocurrency exchange, which in addition to allowing users to buy and trade cryptocurrencies, such as Bitcoin and Ethereum, also offers the ability to trade tokenized securities and crypto-based derivatives. FTX served over one million users as of July 2021 and reported an average daily trading volume of USD 14 billion as of October 2021. The company applied to form a limited purpose trust company via a trust charter with the New York Department of Financial Services (NYDFS) which will enable it to offer its products and services within the state.

Through its marketplace, FTX offers access to tokenized securities from a wide range of listed companies such as Apple, Google, Facebook, and Tesla, among others. Investors in these tokenized stocks will also be entitled to any dividends and can participate in any corporate actions initiated by the underlying company. FTX’s marketplace also supports the trading of DeFi tokens like Dai, Aave, and Compound. The company also began testing a stock trading feature in their platform in May 2022, which provides users the ability to fund their account using the stablecoin USDC.

In August 2021, the company announced the acquisition of crypto derivatives company LedgerX in a bid to secure the licenses required to pave the way for FTX to start offering crypto derivatives. 

In November 2022, the company declared bankruptcy and is no longer operational.