‘Retail short squeeze’ platform debuts crypto trading

In the following months, Stocktwits wants to expand its crypto trading offerings by launching U.S. equity trading and crypto derivatives trading.

Stocktwits, an investor-focused social media platform that sprang to prominence during last year’s’retail short squeeze’ craze involving GameStop and AMCTheaters, has launched its own crypto trading services.

Stocktwits has teamed up with FTX.US to provide crypto trading services, and the company plans to offer US equity trading next quarter. In the following months, the company plans to expand its trading services portfolio by offering crypto derivatives trading and other asset classes.

Stocktwits has 6 million registered users and 5 million monthly active users. The new crypto trading tool would allow users to trade directly from their profile, as well as display their portfolio.

In February 2021, the social network platform, together with the subreddit r/wallstreetbets, played a crucial part in shorting meme stocks, resulting in billions of dollars in losses for hedge funds that bought millions of short positions on these firms. During the retail saga, the crypto community was extremely supportive, and various companies affiliated with it were urged to integrate bitcoin as a protest against centralised bullying.

Until now, the social site was primarily focused on investor and trader discussions, as well as other data tools. Rishi Khanna, the site’s CEO, highlighted the network’s growing significance of crypto conversation, saying that “community and data have served as a significant on-ramp into the platform.”

Stocktwits would join a growing list of companies from the short squeeze storey that have merged crypto-related services with the launch of the live crypto trading capability. GameStop is entering NFTs and wants to create additional crypto partnerships, while AMC has incorporated crypto payments for its online booking services.

 

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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