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Social Platform Behind ‘Retail Short Squeeze’ Launches Crypto Trading

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. 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. Big day here at Stocktwits We’re excited to share the launch of our fully integrated crypto trading powered by @FTX_US right in our iOS app! Update your iOS app and combine the power of our community with a best-in-class cryptocurrency platform.— Stocktwits (@Stocktwits) February 3, 2022 Stocktwits has 6 million registered users and has 5 monthly million active users. The new crypto trading option allows users to trade directly from their profile and also allows them to showcase 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. and traders along with other data tools. The platform’s CEO Rishi Khanna acknowledged the growing prominence of crypto discussion on the network, saying that the “community and data has served as a strong ramp to the platform”. 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 enters NFTs and also plans to build new crypto partnerships.
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