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Kraken wants its own crypto social network

A subsidiary of the crypto exchange is adding social features to a crypto price-tracking site.

The Kraken logo on a laptop computer

Kraken subsidiary Cryptowatch is launching a new crypto social network.

Photo: Tiffany Hagler-Geard/Bloomberg via Getty Images

Kraken is joining the crypto social networking craze. With Twitter now controlled by Elon Musk and backed by Binance, and Jack Dorsey working on a new social network, Cryptowatch, a Kraken subsidiary, on Tuesday launched Cryptowatch Social, a new social media service geared to crypto users and enthusiasts.

Cryptowatch founder Artur Sapek said the new social network’s goal is to become “the discussion center of the crypto world.”

“We are building the ultimate all-in-one crypto mobile app where traders can watch markets, manage their portfolio, and learn from each other,” he said in a statement.

Cryptowatch allows crypto holders to check prices, make trades on multiple exchanges, and analyze market trends. The social network would add “social features,” including “live idea feeds and chart sharing,” the company said. Cryptowatch also streams Crypto Fight Night live from Dubai, which will also be available to the social network users.

The launch comes amid significant developments in social media. Musk’s Twitter takeover has been turbulent, sparking worries that users will abandon the social network en masse, especially on the heels of reports that the company may start charging fees.

Twitter is also known as the home of a vibrant and controversial online community of crypto fans, including Musk.

Twitter co-founder Jack Dorsey, who left the company's board this year before Musk's takeover, is moving forward with Bluesky, a new social network based on a decentralized protocol. Two weeks ago, Bluesky invited users to join a beta test waitlist for the new site.

Correction: An earlier version of this story misspelled Artur Sapek's name. This story was updated on Nov. 1, 2022.

Benjamin Pimentel

Benjamin Pimentel ( @benpimentel) covers crypto and fintech from San Francisco. He has reported on many of the biggest tech stories over the past 20 years for the San Francisco Chronicle, Dow Jones MarketWatch and Business Insider, from the dot-com crash, the rise of cloud computing, social networking and AI to the impact of the Great Recession and the COVID crisis on Silicon Valley and beyond. He can be reached at bpimentel@protocol.com or via Google Voice at (925) 307-9342.

cryptocurrencykrakentwittersocial networking
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