Twitter Launches Crypto and Stock Trading Services With eToro
Popular social media and microblogging platform Twitter has partnered with Israeli financial services company eToro to bring cryptocurrencies, stock, and financial assets trading to its users.
Twitter Starts Crypto and Stock Trading
According to a CNBC report, the crypto and stock trading feature was integrated into the Twitter app on Thursday. The new service will allow Twitter users to view market charts for various financial instruments and buy and sell crypto assets and stocks from eToro.
The new update comes three months after Twitter added pricing data for cashtags. Since December, the platform’s users have been able to view real-time trading data from TradingView on index funds and shares of some companies like Tesla (TSLA) and assets like Bitcoin (BTC). All they have to do is use Twitter’s “cashtag” feature, which entails searching for a ticker symbol with the dollar sign in front of it.
Since January 2023, Twitter has recorded over 420 million searches for cashtags, with a daily average of 4.7 million. Due to the alliance with eToro, the cashtags feature will be expanded to cover more financial instruments and asset classes.
Speaking with CNBC, Yoni Assia, founder and CEO of eToro, said:
“As we’ve grown over the past three years immensely, we’ve seen more and more of our users interact on Twitter [and] educate themselves about the markets. There is very high quality content, real-time content on financial analysis of companies and what’s happening around the world. We believe this partnership will enable us to reach those new audiences [and] connect better the brands of Twitter and eToro.”
Users can now click a button that says “view on eToro,” which would take them to the financial services company’s site where they can buy and sell assets. It is worth mentioning that eToro also uses TradingView as its data partner.
Musk Transforms Twitter
The latest developments are a part of American billionaire Elon Musk’s plans for Twitter since he took over the platform as CEO last year in a $44 billion deal. The billionaire has revealed that he plans to turn the social media platform into a “super app,” offering users a wide range of services.
Meanwhile, a recent court filing shows the Twitter CEO has changed the platform’s corporate name to X Corp after merging it with a shell company bearing the same name. The move aligns with his decision to turn Twitter into a super app.