Popular social media platform devoted to investors, traders, and entrepreneurs, SocialTwits has collaborated with the Bahamian cryptocurrency exchange FTX to venture into the industry. With this integration, StockTwits will allow investors to purchase and trade cryptocurrencies directly through the official app interface. The company is looking forward to expanding its services in the multi-billion-dollar crypto space by providing fans with an all-in-one trading portfolio.
According to the official announcement, the first phase of the pact will help users to avail seamless access to all the top-tier cryptocurrency assets trading on the exchange portal. The deal will allow more than 6 million users of StockTwits to trade their favorite tokens without leaving the social platform securely and with full transparency.
Earlier, in 2021, StockTwits pooled $30 million in a funding round led by FTX owner Sam Bankman Fried’s VC fund, Almeda Research Ventures, to support its growth plans. Talking about it, Head of Product at FTX, Ramnik Arora stated that the firm is happy to collaborate on providing aid for expanding the outreach of cryptocurrencies to traditional investors. The partnership was undertaken to help StockTwits increase its network coverage and user volume.
For those who love Crypto Twitter, StockTwits will be a likable venture. The portal is not only limited to crypto, however, but the participants can also set up a watchlist to choose their favorite tickers. When someone looks for a specific crypto coin or stock, StockTwits disclosed the recent price chart, trading volume, market trends, and most recent tweets shared by other investors about the token inquired by the person.
The FTX crypto exchange hub has been growing exponentially through its strategic collaborations with top-tier firms. Ever since it purchased the crypto information and price tracking portal, Blockfolio, the exchange started venturing into new partnerships aimed towards diversification and innovation. The company purchased the naming rights for the NBA Miami Heat stadium, formerly called the American Airlines Arena. Presently, one of the most popular basketball teams in the U.S play and train at the FTX Arena. The most prominent achievement of the exchange was the acquisition of LedgerX that helped to provide derivatives trading in the U.S. The recent data revealed by the FTX owner showed that the user base of the exchange increased by 60% whereas the trading volume averaged $14 billion signaling towards its success in the crypto field.