Twitter partners with eToro to enable stock and crypto trading
Twitter’s Cashtags feature will enable users to trade stocks and cryptocurrencies through eToro’s platform.
Twitter and social trading company eToro have teamed up to offer users the ability to access and trade stocks, cryptocurrencies, and other financial assets directly through the Twitter app.
Since purchasing Twitter for US$44 billion (A$68 billion) last year, chief executive officer Elon Musk has been working to make an “everything app” equivalent to Chinese social media platform WeChat. The partnership with eToro appears to represent another step in that direction.
Cashtags feature is expanded
With the addition of a dollar sign in front of the ticker symbol, Twitter’s current ‘Cashtags’ feature already allows users to view real-time trading data on a limited number of financial assets.
Thanks to the collaboration with eToro, the feature will now be expanded to provide users with more convenient and thorough access to financial data including the ability to view market charts on an array of financial instruments as well as trade stocks, cryptocurrencies and index funds.
By clicking the ‘view on eToro’ button, users will be redirected to eToro’s platform, where they can buy and sell assets.
This new feature, set to appear on the app later this week, follows Mr Musk merging Twitter under X Corp and filing for regulatory licences to facilitate in-app purchases.
Mr Musk’s ultimate goal is to create the ‘X’ app, which is inspired by Tencent’s WeChat, one of the largest super-apps globally.
WeChat offers users a range of services including chat and payment abilities in a single app, making it a model for Mr Musk’s vision of the future of Twitter.
eToro’s social trading
Founded in Israel in 2007, online broker eToro allows users to buy and sell a range of assets including stocks, cryptocurrencies and index funds.
The website, which claims to have more than 32 million registered users globally, is renowned for its innovative ‘copy trading’ feature, which allows users to imitate the strategies of more experienced traders.
There is obvious alignment since both companies have a strong focus on the community aspect of their platform and as Twitter has become increasingly more popular for ‘Finfluencers’.