Stocktwits to launch crypto-derivative trading in partnership with FTX

The social trading platform Stocktwits has announced the addition to its iOS app of the ability to trade crypto-derivatives. The initiative is being implemented through a partnership with FTX US.

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

According to the WSJ, the fee structure will be the same as those charged on FTX US. In December 2021, Alameda Research, linked to the platform’s founder Sam Bankman-Fried, participated in Stocktwits’ $30 million funding round.

In the second quarter of 2022, Stocktwits plans to expand its functionality to include stock trading with listings in the United States.

The platform has around 6 million registered users, many of whom are interested in digital assets. The new option will allow users to execute trades and broadcast them from their profile.

In February 2021, Stocktwits, along with participants in the r/WallStreetBets subreddit, gained prominence for its pivotal role in organizing short squeeze of GameStop stock.

By integrating crypto-derivative trading, Stocktwits will back AMC and GameStop initiatives in the crypto space. The stocks of these companies were at the heart of the “crowd against hedge funds” campaign.

In January, ForkLog reported on GameStop’s plans to launch an NFT marketplace.

In December 2021, the chain of stores selling video game consoles and computer games restarted accepting cryptocurrency payments.

In November 2021, the AMC Theatres chain began accepting Bitcoin, Ethereum, Bitcoin Cash and Litecoin as online payment methods.

Prior to this, CEO Adam Aron said that the company was considering creating its own token.

Earlier, the US arm of FTX closed a $400 million Series A funding round at a valuation of $8 billion.

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