Social trading company Etoro has partnered with Twitter to allow users of the microblogging platform to invest in cryptocurrencies and other assets. The move is seen as a step toward turning social media into a “super app,” a mission for Musk, which provides financial and a variety of other services.
Musk’s Twitter Cashtags to Cover Crypto Assets
Israel-based investment firm Etoro took to Twitter on Thursday to announce its new deal with the social media platform that will offer market charts of various assets and give you the option to buy and sell stocks and cryptocurrencies.
🎉Very excited to launch a new $Cashtags partnership with @Twitter This will allow Twitter users to see real-time prices for a much wider range of stocks, cryptocurrencies and other assets, as well as having the option to invest through eToro. @Elon Musk https://t.co/Iv2q9iNxbf
— eToro (@eToro) April 13, 2023
Twitter’s ‘$Cashtags’ feature, which launched in December 2022, already provides real-time data on some index funds and stocks. However, thanks to the new partnership, users will have information on an expanded range of financial instruments, Etoro told CNBC.
To access the data, they need to search for a ticker symbol and insert the dollar sign in front of it, which causes the app to display price information from Tradingview, which is the provider of market data. A recently added ‘view on Etoro’ button allows them to trade the assets through their website.
Twitter was bought by businessman Elon Musk in October 2022 for $44 billion. Since the acquisition, the new owner and CEO has embarked on a series of reorganizations that included laying off several thousand employees and implementing a subscription-based plan for verified users.
The deal with Etoro represents a business development worth mentioning in the latest chapter of the Twitter story. Some of Musk’s moves, including changes to content moderation standards, spooked advertisers. This week, the investor insisted that “almost all” have returned.
“We are very excited about the intersection of finance and social media,” Etoro CEO Yoni Assia said in an interview with CNBC. “We believe this partnership will allow us to reach these new audiences (and) better connect the Twitter and Etoro brands,” added the head of the online brokerage.
Established in Tel Aviv, in 2007, etoro it now has 32 million registered users in Europe, Asia and the United States, Assia said. Among its most popular features is a feature that allows investors to copy the trading strategies of other users.
One of Elon Musk’s goals has been to turn Twitter into a “super app,” offering a wide range of services, from instant messaging to banking, the report noted. Last month he told a Morgan Stanley conference that he wants Twitter to become “the biggest financial institution in the world.”
Do you expect Twitter to further expand the range of supported financial and other services, including those related to cryptocurrency? Tell us in the comment section below.
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