Stocktwits is a social media platform for retail investors, and recently, the creators decided to develop new trading services.
Founded in 2008, the Stoctwists platform quickly earned popularity in last year's “retail short squeeze” frenzy. The platform is designed for sharing ideas between traders and investors. Moreover, the company raised $30 million in a fundraising round in December.
Furthermore, the firm has 6 million registered users, and even approximately 5 million active users every month, the majority of them are focused on crypto. With the updated service, these users could display their profiles and trade directly from the platform.
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Until now, Stocktwits was participating in different discussions with other data tools and investors. The CEO of the platform Rishi Khanna pointed out the increasing notability of the theme of crypto on the network.
To carry out the plan, Stocktwits and FTX.US partnered up to work together and launch liquidity trading in the upcoming months. FTX will provide the integration for Stockwit’s crypto trading (the fees for crypto trading will be the same as on FTX).
The company is thinking of providing crypto derivatives trading and other asset classes.
In February 2021, the same social network platform participated in short squeeze meme stocks. Hedge funds that purchased millions of short contracts against these equities lost billions of dollars. During the retail crisis, the crypto community was extremely supportive, and various firms affiliated with it were urged to integrate bitcoin as a protest against centralized bullying.