Social media platform Stocktwits has added cryptocurrency trading services to its offerings, according to a WSJ report.
- Users of Stocktwits — mostly retail investors — will have the capacity to trade cryptocurrencies with infrastructure backed by crypto exchange FTX. Fees will be the same as the tiered structure of FTX.
- Stocktwits eyes the expansion of its trading service to equities later in the first quarter, as Chief Executive Rishi Khanna said there are fewer difficulties in offering crypto trading.
- Khanna said the Stocktwits offering will be distinguished from other services as it will have an established community of users engaging in discussions centered on information, trading tips, and strategies.
Khanna noted that a “certain aspect of luck and timing” is needed for social platforms to work. BTC is down 3.28%, ETH down 4.30%, and XRP down 3.14%.