Social Media Site Stocktwits Taps FTX to Launch Crypto Trading Service

Social Media Site Stocktwits Taps FTX to Launch Crypto Trading Service
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Social Media Site Stocktwits Taps FTX to Launch Crypto Trading Service

Stocktwits is the latest online finance firm to add crypto trading in a bid to court users looking to branch out from traditional investments.

  • Crypto exchange FTX US is providing the infrastructure for the trading, with fees being the same as on the FTX platform, Stocktwits confirmed to CoinDesk.
  • Founded in 2008, New York-based Stocktwits has historically focused on U.S. equities through its dedicated channels with collated social media discussions using specific hashtags. Of late, crypto has become a more sizable part of the discussions taking place on the site.
  • The platform follows the likes of Robinhood, PayPal and others in bringing crypto into the fintech fold. PayPal enlisted blockchain infrastructure firm Paxos in 2020 for a service that was seen at the time as a key moment in the mainstreaming of crypto assets.
  • Stocktwits said it has more than six million registered users and reaches over five million users monthly.
  • In December, the company raised $30 million in a Series B funding round led by FTX CEO Sam Bankman-Fried’s Alameda Research Ventures. Stocktwits CEO Rishi Khanna told CoinDesk at the time that crypto products were on the roadmap.

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