Stocks Cryptoto, a social media company focused on investing, launched a business

Photo File Light The virtual currency representation of Bitcoin is shown in this March 13, 2020 picture. REUTERS / Dado Ruvic / Illustration / File Photo / File Photo

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February 3 (Reuters) – Stocktwits.com, one of the social media hubs of last year’s retail mania, launched a crypto trading platform on Thursday, seeking to trade growing bitcoin and other digital tokens.

Along with Reddit’s r / wallstreetbets, Stocktwits was one of the most widely used online bulletin boards used by the Meta Stocks GameStop (GME.N) and AMC.N last year, which cost the bearish hedge fund billions. Dollars.

Stockswitts, with more than six million registered users, says it offers its customers the option to make a business or portfolio available to the public.

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Crypto currencies gained popularity last year, hitting $ 69,000 in November, and risky investors flooded the market looking for a variety of assets, although since then the currency has shrunk by almost half due to fears of inflation. Inflation in central banks.

The New York-based company said it had partnered with FTX US, an estimated $ 8 billion in financial support last month. Read more

“Crypto is the first step, but we are not going to stop,” said Stockhi CEO CEO Rishi Kana.

The company plans to launch US equity trading early next quarter.

Stockholders’ members use the cashtag – the dollar symbol before the stock symbol – to share stock tips or company-related ideas. The social media company searches for posts and messages around the index to gather emotions and list the most anticipated stocks on the platform.

The company’s new feature introduces a marketing-based revenue model, which adds to the main source of revenue through social media – Advertising, Khanna said.

Existing stock investors include Alameda Research Venture, FCCC, Foundation Group, Social Benefit, Times Bridge and Real Ventures.

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Reporting by Meda Singh in Bengalru; Correction by Uttaresh.V

Our standards are published in The Thomson Reuters Trust Principles.

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