(WSJ) Retail investors’ social media service Stocktwits will introduce a live trading option for its users, with cryptocurrencies the first assets to be added.
The platform will onboard crypto exchange FTX for the relevant infrastructure for crypto trading. Fees charged will be similar to those of FTX.
Stocktwits CEO Rishi Khanna says Bitcoin and Ethereum are the most discussed cryptocurrencies on the platform, prompting it to start with the asset class.
Khanna says, unlike equities, cryptocurrencies are easier to start with as they face fewer regulatory challenges.
The social media forum plans to introduce trading of equities later this quarter in a move that will avail the service to its about 6 million registered users.
Khanna says Stocktwits, unlike rival trading services, will benefit from its established community of users who share information, trading ideas, and strategies.
Stocktwits move is seen to mirror brokerage firms such as Robinhood Markets, eToro, and Webull that have a social component in trading.
Stocktwits raised $30 million in a December funding round. Created in 2008, the platform has added about 2 million users in the last two years.
