Social trading company Etoro has partnered with Twitter to will allow users of the microblogging platform to invest in cryptocurrencies and other assets. The move is viewed as a step towards turning the social media into a “super app,” a mission under Musk, providing financial and a range of other services.
Musk’s Twitter Cashtags to Cover Crypto Assets
Israel-headquartered investment firm Etoro took to Twitter on Thursday to announce its new deal with the social media platform that will offer market charts on various assets and give you the option to buy and sell stocks and cryptocurrencies.
Very excited to be launching a new $Cashtags partnership with @Twitter which will enable Twitter users to see real-time prices for a much wider range of stocks, crypto & other assets as well as having the option to invest through eToro. @elonmusk https://t.co/Iv2q9iNxbf
— eToro (@eToro) April 13, 2023
Twitter’s ‘$Cashtags’ feature, which was launched December 2022, already provides real-time data on some index funds and shares. Thanks to the new partnership, however, users will have information about 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, prompting the app to display price information from Tradingview, which is the market data provider. A newly added ‘view on Etoro’ button allows them to trade the assets through its website.
Twitter was bought by entrepreneur Elon Musk in October, 2022, for $44 billion. Since the acquisition, the new owner and chief executive embarked on a series of reorganizations that included laying off several thousand employees and rolling out a subscription-based plan for verified users.
The deal with Etoro represents a business development that’s worth noting in the latest chapter of Twitter’s history. Some of Musk’s moves, including changes in content moderation standards, spooked advertisers. This week, the investor insisted that “almost all” of them have returned.
“We are very excited about the intersection of finance and social media,” Etoro CEO Yoni Assia said in interview with CNBC. “We believe this partnership will enable us to reach those new audiences [and] connect better the brands of Twitter and Etoro,” added the head of the online brokerage.
Established in Tel Aviv, in 2007, Etoro now has 32 million registered users across Europe, Asia and the United States, Assia pointed out. Among its most popular features is a function that allows investors to copy the trading strategies of other users.
One of Elon Musk’s objectives 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 such related to cryptocurrencies? Tell us in the comments section below.