Investment-focused social network StockTwits is expanding its services in a bid to gain traction in the crypto-verse and take a share of the audience that Twitter, Reddit, and even eToro have today.
Now, StockTwits users will have the ability to buy and sell cryptocurrencies directly from the app interface, providing an all-in-one experience for digital asset enthusiasts.
FTX and StockTwits Reach Deal That Could Benefit Nearly 6 Million Users
To achieve its goal, StockTwits has partnered with FTX. The first batch will offer support for all cryptocurrencies available on the popular trading platform owned by Sam Bankman-Fried.
The two companies already have a common history. In late 2021, StockTwits raised over $30 million in a funding round led by Sam Bankman Fried’s venture capital fund, Alameda Research Ventures. At the time, Ramnik Arora, chief product officer at FTX, noted that they hoped to collaborate to offer services that would make cryptocurrencies more accessible to traditional investors while expanding StockTwits’ reach and user base.
If you love Crypto Twitter, you’ll love StockTwits. Although it is not a crypto-only ecosystem, users can create a watchlist to exclusively display tickers that interest them. When a user searches for a specific stock or cryptocurrency, StockTwits displays the most recent price chart, volume, market sentiment, and twits shared by the community.
Now, with the new integration with FTX, more than 6 million StockTwits users will also be able to buy or sell the tokens they follow without leaving the social network.
A growing giant
FTX is a growing phenomenon with a successful marketing and business expansion strategy. Since purchasing the cryptocurrency news and price-tracking app Blockfolio, the exchange has started innovating with various acquisitions, partnerships, and business moves.
Perhaps most relevant so far has been the purchase of the naming rights to the NBA’s Miami Heat stadium, the former American Airlines Arena. Today, one of the most famous basketball teams in the United States trains and plays at the FTX Arena.
But perhaps one of the platform’s biggest wins is the acquisition of LedgerX as the first step to bringing its derivatives trading service to the US market, which had already been announced as a priority in the plans for FTX US since 2021.
Since October 2021, FTX’s user base has grown by 60% and trading volume has averaged $14 billion, according to figures shared by Sam Bankman-Fried himself with CNBC.
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