HomeBusinessInvestor-focused social media firm Stocktwits rolls out crypto trading

Investor-focused social media firm Stocktwits rolls out crypto trading

Stocktwits.com, one of many social media websites on the coronary heart of final yr’s retail trading mania, launched a crypto trading platform on Thursday, trying to faucet into the rising curiosity in trading bitcoin and different digital tokens.

Along with Reddit’s r/wallstreetbets, Stocktwits was among the many on-line message boards utilized by a military of retail merchants final yr to drive big positive aspects in meme shares GameStop and AMC, costing bearish hedge funds billions of {dollars}.

Stocktwits, which has greater than six million registered customers, stated it could provide its prospects the choice to make their trades or portfolio public.

Cryptocurrencies gained immense recognition final yr, with bitcoin hitting a peak of $69,000 in November, as risk-on traders sought totally different asset courses in a market flooded with liquidity, though the foreign money has almost halved in worth since then on inflation fears and worries of aggressive fee hikes by central banks.

The New York-based firm stated is partnering with cryptocurrency trade FTX US, which was valued at $8 billion in its first funding spherical final month.

“While crypto is the first leg, it’s not where we stop,” Rishi Khanna, chief govt officer of Stocktwits, stated.

The firm is planning to launch U.S. equities trading by early subsequent quarter, with trading in inventory choices, crypto derivatives and different asset courses lined up forward.

Stocktwits members use a cashtag — a greenback signal earlier than a inventory ticker — to share their inventory suggestions or concepts associated to an organization. The social media firm then analyses posts and message volumes across the ticker to combination sentiment and checklist out probably the most touted shares on its platform.

The firm’s new function introduces a transaction-based income mannequin, which might add to its major income stream on the social media facet — promoting, Khanna stated.

Stocktwits’ present traders embrace Alameda Research Ventures, ffVC, Foundry Group, Social Leverage, Times Bridge, and True Ventures.

(Reporting by Medha Singh in Bengaluru; enhancing by Uttaresh.V)

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