Bittrex launched tokenized version of the stocks that were removed from Robinhood after the latter decided to limit the way the users buy and sell Gamestop and other “meme stocks” so let’s find out more in our latest cryptocurrency news.
Due to the GameStop war, popular trading platform Robinhood decided to remove the retailer’s stock from its trading app but Bittrex launched tokenized version of the stocks as of today so that “small investors have the same opportunities afforded to multibillion-dollar financial institutions.” Popular online broker Robinhood infuriated the users when it decided to block the users from purchasing the stocks after the Gamestop saga sent Wall Street into chaos.
Bittrex was hoping to come to the rescue. The exchange launched tokenized stocks for GameStop and other companies which were removed from Robinhood. The listings include AMC entertainment, Nokia Corporation, BlackBerry, iShares silver Trust which are all companies that were considered by internet traders as companies that give the finger to Wall Street.
The platform said it made the listings in a bid to give smaller investors a chance to get inside the trading process while Robinhood decided to stop traders from purchasing more GameStop stocks. Later the platform made the stocks available again but with many restrictions. Bittrex is not the only exchange that capitalized on these restrictions. FTX announced that it was listing the WallStreetBets index in light of the Robinhood decision. Bittrex Global CEO Tom Albright said:
“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.”
Reddit users and amateur traders made a mess on Wall Street by buying up shares from the game retailer because the shares were previously shorted by big hedge funds. the price of the shares went skyrocketing and caused chaos on Wall Street as one hedge fund, Melvin Capital received about $3 billion bailouts from two other hedge funds as it closed its shorts. Bittrex said that the tokenized versions of the stocks allow traders with no access to traditional American financial tools for trading and they can also be traded alongside the cryptos listed on the Seattle-based platform.
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