Latest Trending
Last Updated, Feb 3, 2022, 12:00 PM
Social-Media Platform Stocktwits Takes Cue From Brokerages, Adds Crypto Trading


Stocktwits, the social-media service for retail investors, is adding live trading as an option for its users within the platform.

The first assets Stocktwits users will be able to trade are cryptocurrencies. The platform plans to expand into equities trading later this quarter.

Brokerages such as

Robinhood Markets Inc.,

Webull and eToro have grown in popularity in part by adding social components to trading, incorporating chat feeds and trending stocks. The payment app, Venmo, also gained ground because of its social feeds and emoji.

With this move, the social-media platform is doing the reverse.

Amateur investors took the equities markets by storm a year ago, buying up shares of meme stocks like GameStop and AMC Entertainment. Many saw it as a revolution against Wall Street, but in the end, they largely just lined the pockets of major financial firms. WSJ’s Dion Rabouin explains. Illustration: Sebastian Vega

The crypto exchange FTX will be providing the infrastructure for Stocktwits’ crypto trading. Fees for crypto trading will be the same as they are on FTX, which has a tiered fee structure.

Stocktwits, founded in 2008, raised $30 million in a fundraising round in December that included Alameda Research Ventures, owned by

Sam Bankman-Fried,

who also owns FTX.

Stocktwits has added about 2 million registered users over the past two years, pushing its total to 6 million, and many of them are focused on crypto. Cryptocurrencies have ballooned into a $1.8 trillion market from $260 billion before the pandemic started two years ago.

As a result, digital currencies such as bitcoin and ethereum are among the most talked about assets on Stocktwits, said Chief Executive

Rishi Khanna,

and completely dominate the platform on weekends, when they are still trading but equities aren’t.

There is another reason the company is starting with crypto as opposed to equities—there are fewer regulatory hurdles to offering crypto trading, Mr. Khanna said.

What will make Stocktwits different from other commoditized trading services, Mr. Khanna said, is its established community of users on the site sharing information, trading tips, strategies and data.

“You can’t just throw money at it and make social happen,” he said. “There is a certain aspect of luck and timing that you need to get social really working.”

Write to Paul Vigna at paul.vigna@wsj.com

SHARE YOUR THOUGHTS

Would you use Stocktwits’ platform to trade crypto? Why or why not? Join the conversation below.

Copyright ©2022 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

Appeared in the February 4, 2022, print edition as ‘Stocktwits Platform Adds Crypto Trading.’

24World Media does not take any responsibility of the information you see on this page. The content this page contains is from independent third-party content provider. If you have any concerns regarding the content, please free to write us here: contact@24worldmedia.com

Latest Post

Common Mistakes When Using Athletic Field Tarps

Last Updated,Jun 5, 2024

High-Performance Diesel Truck Upgrades You Should Consider

Last Updated,May 14, 2024

Warehouse Optimization Tips To Improve Performance

Last Updated,May 6, 2024

Fire Hazards in Daily Life: The Most Common Ignition Sources

Last Updated,Apr 30, 2024

Yellowstone’s Wolves: A Debate Over Their Role in the Park’s Ecosystem

Last Updated,Apr 23, 2024

Earth Day 2024: A Look at 3 Places Adapting Quickly to Fight Climate Change

Last Updated,Apr 22, 2024

Millions of Girls in Africa Will Miss HPV Shots After Merck Production Problem

Last Updated,Apr 18, 2024

This Lava Tube in Saudi Arabia Has Been a Human Refuge for 7,000 Years

Last Updated,Apr 17, 2024

Four Wild Ways to Save the Koala (That Just Might Work)

Last Updated,Apr 15, 2024

National Academy Asks Court to Strip Sackler Name From Endowment

Last Updated,Apr 12, 2024

Ways Industrial Copper Helps Energy Production

Last Updated,Apr 11, 2024

The Ins and Out of Industrial Conveyor Belts

Last Updated,Apr 10, 2024