Twitter is set to introduce a new feature that allows users to trade cryptocurrencies and stocks, according to CNBC. The feature will be launched in partnership with fintech firm eToro and will allow Twitter users to purchase or sell crypto and other assets through eToro’s trading platform. eToro’s CEO, Yoni Assia, believes the partnership is a perfect match and that the feature will help bring a new audience to the platform.
The new financial features can be accessed via a “view on eToro” tab, which will take users to eToro’s platform. The fintech company, founded in 2007, introduced crypto trading features and a crypto wallet in 2019. This latest partnership is an expansion of Twitter’s “cashtags” feature, which currently allows users to view real-time trading data from TradingView.
An eToro spokesperson told Cointelegraph that “Twitter has become a really important part of the retail investing community and it’s where a lot of people go to access financial news and acquire knowledge. We think $Cashtags can play a central role in this conversation and they are already gaining a lot of traction.”
Twitter’s new feature will capitalise on the retail trading boom that swept the market in 2021. Assia noted that financial Twitter became quite a trend and key to the retail trading boom during 2021. He added that “cashtags” searches have grown into millions.
The latest deal will also be the first notable partnership for the social media giant since Elon Musk took over as CEO after acquiring the social media network for $44 billion last year. Musk had earlier floated the idea of making Twitter a “super app,” with a focus on building an ecosystem that would offer users access to several online services in one place. The concept of the super app is quite popular in China, where such apps function as a gateway to everything a consumer needs in their day-to-day life, such as instant messaging, social media, travel and hotel booking, banking and more.
In a recent interview, Musk said that he wants Twitter to become “the biggest financial institution in the world.” This latest partnership with eToro is a step towards achieving that goal. The move may also attract more institutional investors to the platform, who have been reluctant to use social media sites like Twitter for financial transactions, due to privacy and security concerns.
With the crypto market reaching new heights and more people investing in cryptocurrencies, Twitter’s new feature may be well-received by its users. The platform has a vast reach and is often used as a source of information for financial news and analysis. By partnering with eToro, Twitter could become a one-stop-shop for investors looking to access financial data and trade assets.
The partnership with eToro will expand Twitter’s offerings and may also drive traffic to eToro’s platform. With the growth of the crypto market, eToro has become a popular choice for investors looking to trade cryptocurrencies. The fintech firm’s expansion into stock trading and partnerships with social media platforms, such as Twitter, show its commitment to offering a comprehensive investing experience for its users.
In conclusion, Twitter’s new feature with eToro is a positive move for both companies and users of the platform. The ability to access financial data and trade assets on Twitter will attract more investors to the platform and may help to grow eToro’s user base. As the crypto market continues to evolve, partnerships such as this will become increasingly important in staying ahead of the curve and remaining competitive in the industry.