Social Media Site Stocktwits Taps FTX to Launch Crypto Trading Service
The move marks Stocktwits' first foray into offering trading on its platform.
Feb 3, 2022 at 4:31 p.m. UTC:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/POGWEYGFVVCJJBCTMX22VNV52A.jpeg)
Brandy covers crypto-related venture capital deals for CoinDesk.
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.
DISCLOSURE
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
:format(webp)/www.coindesk.com/resizer/hUv1U9cMP77z__1hmpusCl6kqtA=/arc-photo-coindesk/arc2-prod/public/5WF4AJAWOJA7FDQBEIWAKGTGYA.jpg)
Brandy covers crypto-related venture capital deals for CoinDesk.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.
Brandy covers crypto-related venture capital deals for CoinDesk.
:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/7LDC7D5IS5DBPL4N6UTVLA4SXM.jpg)
:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/PJTR3KRDWJCRVE3QREM6KUOK7A.png)
:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/3LWYGWIABFELHGBEOVTO3DR75M.jpg)
:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/3LVJ335VWVFJFA34THBXFTMHAE.jpg)