Twitter has announced a partnership with social trading company eToro that will allow users to access and trade a wide range of financial instruments and assets. These include cryptocurrencies, stocks, and more. The new feature, which was rolled out on the Twitter app on Thursday, enables users to view market charts for an expanded range of financial instruments and buy and sell assets from eToro directly.
Currently, Twitter’s “$Cashtags” feature only provides live trading data for a limited number of financial assets. However, with the eToro partnership, the $Cashtags feature will be significantly expanded to cover many more instruments and asset classes, according to a spokesperson from eToro.
Twitter users can search for a $Cashtag, such as $TSLA for Tesla or $BTC for Bitcoin, and view real-time pricing information for that asset. With the new eToro partnership, users can also click the “view on eToro” button that takes them directly to the eToro platform, where they can buy and sell assets using the company’s trading services.
According to Yoni Assia, eToro’s CEO, the company has seen a significant increase in users interacting with the platform via Twitter. The partnership with Twitter will enable it to reach even more users and connect both companies’ brands better.
The move also aligns with Twitter owner Elon Musk’s plans to integrate financial services into the platform as part of his intention to create a “super app.” Musk has previously expressed his desire for Twitter’s proposed payment system to accommodate both crypto and fiat currencies.
The eToro partnership is a rare and noteworthy business deal for Twitter since Elon Musk took the reins as CEO after buying the platform for $44 billion last year. Under Musk’s leadership, Twitter has cut staffing sharply to reduce costs and reach profitability. However, his actions have also spooked advertisers, with many brands leaving the platform over concerns about content moderation standards. Despite this, Musk claims that almost all advertisers have returned to the app, although some big names like Stellantis and Volkswagen have yet to resume advertising.
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