A social media venue called stocktwits.com, which was leading in the meme stock during the recent year, is introducing a trading platform for cryptocurrencies. Stocktwits.com, having its basis in New York, declared its partnership with FTX US (a prominent crypto exchange) to start a venue for the trading of crypto. Having a valuation of nearly $8B after its earliest funding round of the recent month, the New York-based exchange FTX US is also pursuing an expansion of the platform with the inclusion of some other offerings.

Rishi Khanna (the CEO of Stocktwtits) stated that even though crypto counts to be the initial step, the company will not halt there. At the start of the upcoming quarter, he mentioned, the platform has a strategy to begin the trading of U.S. equities and eventually the crypto derivatives, stock options, and the rest of the asset classes. Apart from the r/wallstreetbets of Reddit, the Stockwits’ online boards of messages played a vital role in assisting the enthusiastic retail traders to enhance this, which turned into meme stocks, like AMC and GameStop.

Stocktwits mania

At present, with more than six million registered consumers, Stocktwits is providing them with the option to carry out their trades and make their portfolio visible to the common masses. The consumers of Stocktwits use a dollar sign in advance of a hashtag or ticker, to post ideas regarding a company or stock tips. With having a status of a social media platform, the organization analyzes the messages and posts volumes relating to the ticker, and the overall sentiment. The majority of the trending stocks are then presented over the venue.

As per Khanna, the latest feature provides a transaction-based model of revenue, which improves its fundamental revenue stream of advertising over social media. True Venture, Times Bridge, Social Leverage, Foundry Group, ffVC, and Alameda Research Ventures are included in the chief investors. As for now, GameStop declared its collaboration with Immutable X (an Australia-based blockchain startup) to create and launch the NFT marketplace thereof with a fund of $100M.

GameStop’s upsurge

Formerly in May, the well-known name of the video game industry initially declared its entry into the field of NFTs, with the launch of a department of more than 20 persons to operate on a marketplace of NFTs in the recent month, when the shares raised by nearly 30%. GameStop claimed to pursue crypto collaborations to assist in boosting the marketplace.