The Social Platform Behind the “Retail Short Squeeze” Launches Crypto Trading

Investor-focused social media platform Stocktwits, which gained traction during last year’s “short-sell” frenzy involving GameStop and AM...



Investor-focused social media platform Stocktwits, which gained traction during last year’s “short-sell” frenzy involving GameStop and AMCTheaters, rolled out its own crypto trading services on Thursday. .

Stocktwits has partnered with FTX.US to carry out its crypto trading services and is expected to launch US stock trading next quarter. The company is further looking to expand its portfolio of trading services by offering trading in crypto derivatives and other asset classes in the coming months.

Stocktwits boasts of 6 million registered users and sees 5 million monthly active users. The new crypto trading option would allow users to trade directly from their profile and also allow them to showcase their portfolio.

The social media platform played a key role with the subreddit r/wallstreetbets short term meme stocks in February 2021, resulting in billions of dollars in losses for hedge funds that bought millions of short positions against these stocks. The crypto community offered great support during the retail saga and called on several associated businesses to integrate crypto in protest against centralized bullying.

Related: The new decentralized crypto exchange is inspired by r/Wallstreetbets

Until now, the social platform was mainly focused on discussions between investors and traders, as well as other data tools. Platform CEO Rishi Khanna acknowledged the growing importance of the crypto discussion on the network and said that “the community and data served as a strong on-ramp to the platform.”

The launch of the live crypto trading feature would help Stocktwits join the growing list of short-squeeze saga firms that have integrated crypto-related services. CMA integrated crypto payments for its online booking services while GameStop enters NFTs and also plans to create new crypto partnerships.