Social Media Site Stocktwits Taps FTX to Launch Crypto Trading Service
The move marks Stocktwits' first foray into offering trading on its platform.
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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