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(Kitco News) – Twitter users can now purchase cryptocurrencies and stocks directly through the social media platform thanks to a new partnership with eToro, an Israel-based social trading and investment company.
According to a report from CNBC, a new feature will be rolled out on the Twitter app beginning Thursday that will allow users to view market charts on a variety of different financial instruments directly from Twitter. Users will also be able to buy and sell cryptocurrency and other assets from eToro through the integration.
Up to this point, Twitter users have been able to use “cashtags” – which can be accessed by inserting a ‘$’ sign in front of a ticker symbol – to view real-time trading data on indexes like the S&P 500 and shares of some companies such as Tesla from TradingView, but had no simple way to purchase assets directly through the platform.
The new partnership with eToro will see cashtags expanded to cover an increased number of instruments and asset classes, according to an eToro spokesperson. A new button saying “view on eToro” has also been added that redirects Twitter users to the eToro website where they can buy and sell assets.
“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,” said Yoni Assia, CEO of eToro. “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.”
One of eToro’s more popular features is the ability for users to mimic the trading strategies of other profitable traders, a design that works well in a social setting and creates additional engagement among its user base. The platform currently has more than 32 million registered users across Europe, Asia and the United States, Assia said.
The partnership announcement comes as Twitter CEO Elon Musk is looking for additional revenue streams after purchasing the social media platform for $44 billion last year. It also aligns with the longstanding rumors that Musk is looking to create an ‘everything app’ – dubbed ‘X’ – which would include messaging and video chatting, the ability to facilitate payments and trade assets, play video games, share photos, hail rideshare and delivery services, shop, and more.
A court filing dated April 4 shows that Musk changed the corporate name of Twitter to X Corp after merging with a shell company of the same name, further signaling that Musk is moving forward with his plans to create a super app similar to China’s WeChat platform. At a Morgan Stanley conference last month, Musk stated that he wants Twitter to become “the biggest financial institution in the world.”
According to Assia, Twitter has seen its prominence in financial circles rise as it has become a popular tool for people to find breaking news and updates on stocks and other assets. The platform played an instrumental role in the retail trading boom of 2021 which was marked by a short squeeze on meme stocks and the rise of the ‘Wallstreetbets’ Reddit group.
Since the start of 2023, more than 420 million searches for Cashtags have been conducted, with an average of 4.7 million searches per day, Assia said. “We’re following that story probably like the rest of Twitter users. So it will be exciting to see how Twitter focuses more on finance, and we hope to see our partnership expand even beyond this step.”
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