Bitcoin development firm Blockstream and the infamous Reddit community WallStreetBets have teamed up to build a new DeFi product that facilitates securities trading on the Bitcoin network, announced WSB founder Jaime Rogozinski in an event yesterday.
The day WallStreetBets turned to Bitcoin
The WallStreetBets decentralized application (WSBDApp) would launch the novel DeFi products onto the Bitcoin blockchain via the sidechain Liquid Network, created by Bitcoin infrastructure company, Blockstream.
Want to know what @wallstreetbets said at @money2020? 📣 He just announced a MAJOR #partnership with @DigtlMarkets, @merjexchange, @Liquid_BTC, and @Blockstream to kick the #Bitcoin #DeFi train into high gear! ⚙️
— WallStreetBets DApp $WSB (@WSBDapp) October 25, 2021
In the plans, the WSBDApp will facilitate securities trading by working with the Digital Markets (DIGTL), Liquid, and MERJ Exchange (MERJ) alliance to provide access to exchange-traded portfolios, tokenized stocks of major global companies, and other assets voted upon by the WSBDApp community.
“WallStreetBets has captured the imagination of millions in its face-off against some of the most predatory hedge-fund practices. The movement’s objective to create fair and open markets dovetails perfectly with open blockchain settlement,” explained Samson Mow, CSO of Blockstream.
“Liquid’s sidechain-based settlement network is the ideal asset issuance and management platform to support the WallStreetBets vision of providing everyone safe and equal access to capital markets,” he added.
The product works as follows: WallStreetBets first engages DIGTL, the investment technology company known for connecting the world’s best assets with global investors through a network of digital securities exchanges. DIGTL in turn connects to MERJ, a global securities exchange for traditional and digital securities, to list its securities.
The ‘People’s Fund’
Through this partnership, WallStreetBets hopes to provide global retail investors with a solution to corrupted markets. And there’s also a way for investors to collectively invest in and trade the companies they’re fond of.
Enter “The People’s Fund,” – a crypto hedge fund for the people, managed by industry experts at DIGTL – costing less than $1 per share and open to any retail investor in the world.
“The People’s Fund will allow the community to access the markets with the most sophisticated custom algorithms and advanced research and analysis, to ensure optimal entries and exits from these markets and protect them from common predatory trading practices,” said James Wallace, Chair of DIGTL.