Twitter Announces Crypto Trading With eToro Parnership• April 14, 2023 9:59 am • Comments
Twitter has now announced that it will be launching crypto and stock trading services through a new partnership with eToro.
This is something that many within the crypto community had expected ever since Elon Musk had acquired Twitter and took the company private.
With this partnership, Twitter users will essentially be able to use a “View on eToro” feature that allows them to view real-time trading data on the eToro site.
This is in addition to the current “cashtag” feature which allows users to view trading data on other third-party platforms.
This is potentially the first step that the company is taking in the crypto world and there may be the chance that the platform will soon directly integrate with crypto wallets in the future.
— Bitcoin News (@BTCTN) April 14, 2023
eToro CEO, Yoni Assia told CNBC that they see a lot of their users interacting on Twitter and educating themselves about the market. Assia further added that Twitter has high-quality, real-time content about financial happenings around the world. Assia stated,
“This partnership will enable us to reach those new audiences [and] connect better the brands of Twitter and eToro.”
eToro was founded in Israel, in 2007. One of the standout features of eToro is that they allow people to mimic the trading strategies of other users.
Musk has revealed that he wants Twitter to become an “everything app.” At a Stanley Morgan conference, Musk also stated that he wants the social media platform to become “the biggest financial institution in the world.”
It is expected that the new ability to trade crypto and other assets on Twitter will bring a lot of new customers to the Twitter platform.
This is part of Musk’s vision to make Twitter an all encompassing app that users can use for everything which includes using it as a financial platform.
The partnership with eToro is a global partnership which means that all Twitter users around the world will be able to access this new feature.
Twitter had previously hinted at new crypto initiatives as the platform even showed a logo of Dogecoin for a period of time which had replaced the previous Twitter logo.
At the same time, the crypto markets have been having a very bullish rally recently where BTC had once again surpassed the milestone of $30k.
🎉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
While Twitter users searching a $Cashtag symbol currently see live price charts for a limited range of financial assets, the partnership with eToro will “hugely” expand that list, a press statement shared with CoinDesk said.
Since Twitter added pricing data for $Cashtags in December the social media platform has recorded 420 million searches, with the top five searches including Tesla ($TSLA), bitcoin ($BTC) and SPDR S&P 500 ETF ($SPY), according to Twitter internal data included in the press statement.
The news was first reported by CNBC and then confirmed by eToro on its official Twitter account.
The expansion of $Cashtags aligns with Twitter owner Elon Musk’s plans to integrate financial services into the platform as part of his intentions to create a “super app.”
Musk has previously said he wishes for Twitter’s proposed payments system to be able to accommodate crypto as well as fiat currencies.
Twitter now lets users trade stocks & crypto with eToro partnership and the $Cashtags feature.
Twitter currently averages 4.7 million $Cashtag searches per day, with 420 million searches since the beginning of the year.
Twitter is more than just a social media company, it's…
— Andrew Lokenauth (@FluentInFinance) April 13, 2023
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