Investment-oriented social network StockTwits is expanding its services in a move to gain traction in the crypto-verse and take a slice of the audience that Twitter, Reddit, and even eToro have today.
Now, StockTwits users will have the opportunity to buy and sell cryptocurrencies directly from the app’s interface, offering an all-in-one experience for digital asset lovers.
To achieve its goal, StockTwits 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 history together. In late 2021, StockTwits raised over $30 million in a funding round led by Sam Bankman Fried’s VC fund, Alameda Research Ventures. At the time, Ramnik Arora, Head of Product at FTX, noted that they hoped to collaborate on offering services that would make cryptocurrencies more accessible to traditional investors while expanding StockTwits’ reach and its number of users.
If you like Crypto Twitter, you’re going to love StockTwits. Although it’s not a crypto-only ecosystem, users can set up a watchlist to exclusively view tickers that are interesting to them. When a user searches for a specific stock or cryptocurrency, StockTwits shows the price chart, volume, market sentiment, and most recent 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.
FTX has been an ever-growing phenomenon with a marketing and business expansion strategy that has paid off. Since it bought the cryptocurrency information and price tracking app Blockfolio, the exchange began to innovate with various acquisitions, partnerships and business moves.
Perhaps the most relevant so far has been the purchase of the naming rights to the NBA Miami Heat’s stadium —the former American Airlines Arena. Now, one of the most famous basketball teams in the United States trains and plays at the FTX Arena.
But perhaps one of the most important victories for the platform is the acquisition of LedgerX as a first step to introduce its derivatives trading service in the US market, something that had already been announced as priority in FTX US’s plans since 2021.
Since October 2021, FTX’s user base grew by 60%, and trading volume averaged $14 billion, according to figures shared by Sam Bankman-Fried himself to CNBC.