Social Platform Behind ‘Retail Short Squeeze’ Launches Crypto Trading

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

Stocktwits is partnering with FTX.US to run its crypto trading services and will launch US stock trading next quarter. The company aims to further expand its trading services portfolio by offering trading crypto derivatives and other asset classes in the coming months.

Stocktwits has 6 million registered users and sees 5 million active users monthly. The new crypto trading option allows users to trade directly from their profile and also allows them to show their portfolio.

The social networking platform played a key role along with the subreddit r/wallstreetbets to short meme stocks in February 2021, leading to billions of dollars in losses for hedge funds buying millions of short positions on these stocks. The crypto community provided strong support throughout the retail saga, asking several companies associated with it to integrate crypto as a protest against centralized bullying.

Related: New Decentralized Crypto Exchange Is Inspired By r/Wallstreetbets

Until now, the social platform has mainly focused on discussions between investors and traders along with other data tools. The platform’s CEO, Rishi Khanna, acknowledged the growing prominence of crypto discussion on the network, saying the “community and data has served as a strong ramp to the platform.”

The launch of the live crypto trading feature would help Stocktwits join the growing list of companies from the short squeeze saga that have integrated crypto-related services. AMC integrated crypto payments for its online booking services as GameStop moves into NFTs and also plans to build new crypto partnerships.

This Post Social Platform Behind ‘Retail Short Squeeze’ Launches Crypto Trading was first published at https://cointelegraph.com/news/social-platform-behind-retail-short-squeeze-launches-crypto-trading

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