FTX lists tokenized silver stocks after WSB’s short squeeze

2021-2-2 16:55

Popular crypto derivatives exchange, FTX, recently decided to list the stocks of companies removed from stock exchanges following the Reddit-led short squeeze. The platform started by tokenizing and listing GameStop shares, only to continue the initiative by doing the same with silver.

Retail investors from Reddit now pursuing silver stocks

After Reddit’s group of retail investors known as Wall Street Bets led a short squeeze in an attempt to defend GameStop stock from institutional shorting, several stock exchanges delisted GME stock to make it unavailable. Crypto platforms jumped in to aid retail traders by tokenizing the unlisted firm’s stock and adding it to their own platforms.

Now, the initiative led by the WSB continues as retail investors turned to silver. Redditors created a new subreddit called r/wallstreetsilver, pushing the so-called #silversqueeze. The new thread titled “Silver $25 to $1,000 #silversqueeze” has the goal of just that — pushing the price of silver to $1,000 per ounce.

The interest in precious metals seems to have been awakened by large-scale institutions’ control and manipulation of their price. So far, Redditors managed to push the price of silver to $30 per ounce, which is 20% higher than it was on Thursday, and the highest that the price has been since 2013.

FTX adds silver stocks and futures over the weekend

In response to the new trend, Sam Bankman-Fried’s FTX derivatives exchange decided to tokenize stocks and futures for silver, and list them on his platform. The demand for the precious metal is rapidly surging, and FTX decided to list the stock over the weekend.

The exchange has reacted quickly, which is something that it became well-known for. It did the same when GME stocks disappeared from the market, and it did it now for silver, so that investors would have where to turn to if they prefer doing their trades in the digital currency sector.

So far, the initiative has been rather successful, as some major silver dealers, such as Apmex, SD Bullion, JM Bullion, and others have reported silver shortages.

The post FTX lists tokenized silver stocks after WSB’s short squeeze appeared first on Invezz.

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