Twitter Partners with eToro – Twitter CEO Elon Musk aims to introduce the social media app to the finance market. He is looking to launch stock and crypto trading options in the app.
The popular social media app is set to introduce a new feature that will enable its users to trade stock and other cryptocurrencies, the company told CNBC on Thursday. This is a golden deal for Twitter and is one of the major announcements since Elon Musk acquired the micro-blogging app for $44 billion last year. This is also in line with Musk’s mission to turn the app into a “super app.” The purpose is to offer its users financial services on social media.
Twitter launches this new feature by partnering with crypto exchange and fintech firm eToro. Users will be able to buy and/or sell crypto via the app. They will also be able to go through market charts and trade stocks.
This new and trending collaboration between both companies will throw more light on Twitter’s “cashtags.” The cashtag feature allows users to real-time trading data from TradingView.
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How the Feature Can be Accessed
On Twitter, the new feature will be found on a “view on eToro” tab. Once clicked, the tab will take users to eToro’s trading platform. With the partnership, “the Twitter hashtag will be expanded to give more instruments and asset class.” At the moment, the cashtag feature which already shows data from TradingView on index funds can be accessed by searching for a ticker symbol and inserting a dollar sign in front of it.
eToro’s CEO, Yoni Assia told CNBC in an interview,
“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.”
Brief Details on eToro
eToro was founded in Tel Aviv on January 2007. It added cryptocurrency to its investment instrument in 2014. The fintech company is an online brokerage that allows users to buy and sell index funds, stocks, and cryptocurrencies.
eToro has many features. Among its notable features is one that permits users to copy the trading strategies of other users. eToro has more than 25 million users across 140 countries worldwide.
Elon Musk said in a recent interview that he wants Twitter to become the largest financial institution in the world. Since his Twitter platform partners with eToro, this should be one big step towards the dream.
The concept of Musk’s “super app” is already popular in China in apps like WeChat. The WeChat app offers multiple services including instant messaging, social media, travel and hotel booking, banking, and more.