The investor-focused social media platform Stocktwits, which became popular during last year’s “retail short-run” craze involving GameStop and AMC Theaters, launched its cryptocurrency trading services on Thursday.
Stocktwits has partnered with FTX.US to offer cryptocurrency trading services, with US stock trading scheduled to launch next quarter. The company is also looking to expand its portfolio of trading services by offering trading in cryptocurrency derivatives and other asset classes in the coming months.
Stocktwits has 6 million registered users and 5 million monthly active users. The new cryptocurrency trading option will allow users to trade directly from their profile and also allow them to view their wallet.
The social media platform played a major role, along with r / Wallstreet subreddit games on short meme stocks in February 2021, resulting in billions of dollars in losses for hedge funds that bought millions of short positions in meme stocks. The crypto community has been enormously supportive during the retail saga and asked several subsidiaries to include crypto in protest against centralized bullying.
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The social platform has so far mainly focused on discussions between investors and traders, as well as other data processing tools. The platform’s CEO, Rishi Khanna, acknowledged the growing importance of discussing cryptocurrencies online, stating that “community and data serve as a powerful platform on the platform.”
The launch of Stocktwits’ live cryptocurrency trading feature will help it join the growing list of companies in the short selling saga of cryptocurrency-related services. Built-in AMC crypto payments for online booking services, while GameStop introduces immutable tokens and also plans to create new crypto partnerships.