May 12, 2021

WallStreetBets Launches Blockchain-powered Application to Decentralize Indices

NEW YORK–(BUSINESS WIRE)–WallStreetBets, the iconic grassroots movement that gained international prominence by bringing powerful hedge funds to their knees, announced today plans for using blockchain technology in a product aimed at combating market manipulation in traditional finance. The step towards blockchain-based finance represents a change of course for the unofficial, hierarchy-free movement of largely pseudonymous participants, whose shared mission is to fight back against corrupt institutions and to end dependence on them altogether.

Prominent figures within the WallStreetBets community — which recently rocketed to fame by short squeezing GameStop through coordination on platforms like Telegram and Reddit — have been working with experts in blockchain and fintech technology to create what is known as exchange-traded portfolios, or ETPs. Although similar to index funds, offering investors exposure to a variety of assets, ETPs can be run in a completely…

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