StockTwits Partners FTX to Launch Crypto Services

Finance-focused social media platform, StockTwits has taken a step further into the industry with plans to launch crypto and derivatives trading services. 

FTX.US Partnership

The platform is partnering with FTX.US to enable trading. With this new service, StockTwits users will trade crypto and derivatives directly from the app.

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 crypto platform.https://t.co/V0oAyIpaWX

— Stocktwits (@Stocktwits) February 3, 2022

The platform, which was originally a social media app for investors, has been in existence since 2008. It claimed to have popularized cashtags, i.e. the combination of dollar signs with a stock ticker symbol $GOOGL, $TSLA, $COIN, etc.

It shot into the limelight in 2021 during the short squeeze frenzy involving AMC and GameStop stocks. Along with subreddit r/Wallstreetbets, StockTwits helped popularize the meme stock movement last year. The retail investors’ short squeeze led to hedge funds losing billions on short positions.

At that time, StockTwits was one of the discussion platforms for investors. The New York-based company has the tools and data that encourage investors and traders to interact and discuss. 

But in recent times, crypto discussions have become prominent. Clearly, the team behind the platform has now seen it can serve more than one purpose. 

With 6 million registered users and 5 million active monthly users, the new feature means that millions of retail investors will now have access to crypto. 

Eyes Crypto and Derivatives Trading

It also means that StockTwits joins the list of companies involved in the short squeeze saga who have now integrated crypto. Robinhood, GameStop, and AMC have already integrated crypto into their services.

According to the CEO, crypto trading will allow it to better serve users. With “community and data” already in place, “the addition of execution” completes the production expansion.

The partnership with FTX means that StockTwits means that the platform will become a sort of Robinhood for retail investors. 

But its social media features and data analytics means it can distinguish itself from other retail trading platforms. While it’s starting with crypto, it intends to expand into derivatives trading later.