Bittrex Adds Support For Gamestop, AMC, and Other Stocks Delisted By Robinhood

The veteran U.S. cryptocurrency exchange, Bittrex Global, has recently announced that it will now start offering the tokenized stocks that have been delisted from several trading platforms like Robinhood following the GameStop saga. 

According to a Friday report, the exchange has decided to list tokenized stocks for Gamestop (GME), AMC Entertainment (AMC), Nokia, BlackBerry, and iShares Silver Trust with plans to list more additional stocks whenever they are delisted from other platforms. 

“We intend to list every stock that gets delisted from platforms like Robinhood so that even small investors have the same opportunities afforded to multibillion-dollar financial institutions,” Tom Albright, CEO at Bittrex said.

Leveling The Ground

He further added that “the current situation feeds into the narrative” that the existing financial system puts retail traders in an unfavorable position. However, blockchain and cryptocurrencies will change this, putting the “little guys” on a “more equal footing with financial institutions who have been gaming the markets for decades.”

The company’s decision to list these tokenized stocks came after the Robinhood and WallStreetBets Redditor’s saga which saw Robinhood delisting GME from its trading platforms due to its meteoric price surge.

This move by Robinhood prompted an extreme backlash from retail investors, especially those in the Reddit Group, leading to a series of market events including an increase in the prices of DOGE and Bitcoin.

By listing these tokenized stocks that are currently being suspended by several firms, Bittrex is allowing retail investors to trade on the stocks that they are interested in at any time they wish to do so. 

The company also allows its clients who do not have the needed funds to purchase complete shares to buy portions of any shares they are interested in trading.

It’s worth noting, though, that Bittrex is a centralized exchange, and there’s nothing preventing it from pulling those stocks off the markets as they see fit.

FTX Launches Wall Street Bets Index

Still on the Robinhood fiasco, popular cryptocurrency derivatives exchange, FTX, has recently created an index named after the “GME Army,” the WallStreetBets Redditors.

The exchange named the index “Wall Street Bets Index,” which is the Reddit group that was alleged to have fueled the price pump of those tokenized stocks.

In an official blog post, FTX said:

“We’re happy to announce that we have launched trading for a basket of Wall Street Bets markets.”

The issue is developing at an increasing rate, with regulators trying to look into it so as not to create further problems. At this point, we all have to wait and watch.

Publication date: 
01/30/2021 - 11:49
Disclaimer

The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.