Stock Twits, a New York-based social trading platform, today announced that it is launching crypto trading on its platform. Stock Twits has partnered with crypto exchange FTX US to offer the infrastructure for trading. This new capability will allow its users to trade cryptocurrencies while still using the Stock Twits platform. Below will be explained in more detail about their cooperation.
The addition of crypto trading on its platform is part of the company’s efforts to prosecute users seeking to exit traditional investments. This expansion is poised to meet the increasing interest of investors in alternative assets such as crypto assets. Stock Twits mentions that it has more than 6 million registered users and reaches more than 5 million users every month.
Founded in 2008, Stock Twits has historically focused on offering US equities through social features and data tools designed to encourage discussion between traders and investors. However, the company recently realized that cryptocurrencies have grown to be a big part of the discussion on its platform.
Rishi Khanna, CEO of Stock Twits, spoke about the development and said: “Stock Twits has been building an active community since 2008 through our data tools and social tools. Community and data have served as a solid foundation into the platform, but the addition of execution to the platform is a major product extension that will help us to better serve our users.”
In December, Stock Twits raised $30 million in a Series B funding round led by Alameda Research Ventures, a venture capital firm, owned by cryptocurrency exchange FTX Sam Bankman-Fried. Funding pushed Stock Twits’ valuation to $210 million.
Making Equity Investments Mass Access
A few years ago, Stock Twits launched a commission-free stock trading service for its users. The move mimics the fast-growing service already offered by commission-free investment app Robinhood, which also has no brokerage fees and has reached over 24 million users. Stock Twits launched a fractional trading feature that removed the barriers many investors faced when trying to invest in a diversified portfolio of US-listed securities. Many companies today use free or inexpensive trading services to attract clients to more profitable businesses.
Stock Twits Adds Crypto Service Through Partnering With FTX
Yes, as explained above, cryptocurrency exchange FTX continues to record major partnership deals that seek to boost the growth of the exchange. The exchange has secured a deal with Stock Twits to allow users on the investment-focused social network to buy and sell cryptocurrencies. The FTX exchange will be integrated into the Stock Twits app and allow users to trade in cryptocurrencies. This integration will offer a comprehensive experience for those wishing to trade digital assets.
The announcement notes that Stock Twits users will receive access to all cryptocurrencies listed on FTX. This is not the first time they have worked together. Towards the end of 2021, Stock Twits received $30 million in a funding round led by Alameda Research. Alameda research is a venture company owned by FTX CEO Sam Bankman Fried.
During this funding round, FTX Head of Product, Ramnik Arora, has hinted at a future collaboration between the crypto exchange and FTX. Stock Tweets function similarly to Twitter. While not all topics are crypto-related, users can customize their experience by searching for the financial asset they are interested in. Users can then view the latest price charts, trading volumes, and discussions about the asset. The integration with FTX will add a new feature to the social media platform as it will allow users to trade the cryptocurrencies they are interested in on the platform.