Stocktwits.com, a social media site at the center of extend year’s meme stock mania, is launching a token exchanging platform.

Based in New York, Stocktwits.com announced thactive is partnering with token exmovement FTX US to launch a crypto exchanging platform. Valued at $8 billion following its initial funding round maintain month, FTX US, a New York-based token exshift is back although again looking to expand its platform to provide other offerings.

“While crypto is the first leg, it’s not where we stop,” said Stocktwits CEO Rishi Khanna. By early next quarter, the company plans to launch U.S. equities exchanging, and ultimately exchanging in stock options, crypto derivatives and other asset classes.

Stocktwits mania

In addition to Reddit’s r/wallstreetbets, the online message boards of Stocktwits played a major role in facilitating a frenzy of retail traders to boost comparable what became meme stocks, similar as GameStop and AMC. Currently, with above six million registered users, it is offering its customers the option to make their trades or portfolio visible to the public.

Stocktwits users utilize a dollar sign before a stock ticker, or ‘cashtag,’ in order to share stock tips or ideas about a company. As a social media firm, the company then analyzes posts and message volumes regarding the ticker, aggregating sentiment. The most trending stocks then get featured on the platform. 

According to Khanna, the new feature introduces a transaction-based revenue model, that then adds to its primary revenue stream on the social media side, advertising. Primary investors include Alameda Research Ventures, ffVC, Foundry Group, Social Leverage, Times Bridge, and True Ventures.

GameStop spike

Today, GameStop announced its partnership with Australian blockchain startup, Immutable X to develop and launch its NFT marketplace with a $100M fund.

Back in May, the video game conglomeprice first announced its foray into NFTs, launching a 20+ person department to work on an NFT marketplace remain month, causing shares to spike by 30%. GameStop said it would still be seeking token partnerships to help boost the marketplace.

What do you think about this subject? Write to us and tell us!

The post Stocktwits.com Launches Crypto Trading Platform appeared first on CryptCraze.