Bittrex Lists GameStop and Other Meme Stocks Delisted by Robinhood
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In a typical case of “one man’s meat is another man’s poison,” crypto exchange Bittrex has listed some of the tokenized stocks that other firms have delisted from their platforms for specific reasons.
According to a press release today, the exchange announced that it added tokenized stocks for GameStop and AMC Entertainment, Nokia, BlackBerry, and iShares Silver Trust. These newly added stocks will join over 250 digital coins and tokens already listed on the exchange platform.
Earlier, Coinfomania reported that the trading platform, Robinhood, restricted users’ access to cryptocurrency trading and other meme stocks like GameStop due to the “extraordinary market conditions.” The price surge triggered by the GameStop rally led by the Reddits board WallStreetBet, caused investors to FOMO in.
Aside from listing the aforementioned stocks, Bittrex mentioned that it would continue to list additional stocks delisted from trading platforms to ensure that retail investors are not denied access to any stocks they wish to trade at any time possible.
In furthering the firm’s goals to make distributed ledger technology better in terms of greater financial inclusion, instant settlement of trades, and lower trading fees, Bittrex Global CEO Tom Albright stated more reasons behind the company’s actions.
“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. The current situation feeds into the narrative that the financial system is rigged against the little guy. We believe blockchain, decentralization, and cryptocurrencies will finally put retail investors on a more equal footing with financial institutions who have been gaming the markets for decades,” he said.
It turns out Bittrex is not the only firm creating more trading opportunities. The crypto exchange FTX has listed an index on similar stocks that Bittrex listed like GameStop (GME), AMC Entertainment (AMC) stocks, and Dogecoin (DOGE) to trades them as futures contracts until March 26, 2021.
The crypto exchange called the index “a basket of Wall Street,” naming it after the Reddit group behind the GameStop rally, WallStreetBets, and hopes to extend the expiration date to June provided the demand for it continues.
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