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Social Media Site Stocktwits Taps FTX to Launch Crypto Trading Service
The move marks Stocktwits' first foray into offering trading on its platform.
By Brandy Betz
Updated May 11, 2023, 4:08 p.m. Published Feb 3, 2022, 4:31 p.m.
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Stocktwits is the latest online financial services 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. Crypto has lately become a more sizable part of the discussions 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 6 million registered users and reaches over 5 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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- The move follows BlackRock's push into decentralized finance earlier this week, listing its tokenized fund and buying tokens of decentralized exchange Uniswap.
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