Twitter Partners with eToro to Offer Users Crypto and Stock Trading

Twitter Partners with eToro to Offer Users Crypto and Stock Trading

Twitter has partnered with eToro, an online trading and investment platform, to allow users of the microblogging platform to invest in cryptocurrencies and other digital assets. The move is considered a step towards turning the social media app into a "super utility app," providing financial and a host of other services.

eToro to Expand Cashtags Feature on Twitter

The Tel-Aviv-based online trading and investment platform, eToro, used Twitter on Thursday to announce its new deal with the social media platform that will offer market charts on various assets and offer an option to buy and sell stocks and crypto assets.

The ‘Cashtags’ feature on Twitter, which was launched in December 2022, already provides real-time data on funds and shares. However, thanks to the new partnership, users will have access to information about an expanded range of financial instruments, Etoro told CNBC.

Users can search for a ticker symbol to access the data and insert the dollar sign to prompt the app to display price information from the market data provider, Tradingview. A newly added feature ‘view on Etoro’ button allows users to trade assets through its website.

Entrepreneur Elon Musk acquired Twitter in October 2022 for USD 44 billion. Since the acquisition, the new owner and chief executive have embarked on a series of restructuring efforts, including laying off several thousand employees and rolling out a subscription-based plan for verified users. 

Musk's Strategic Alliance with eToro

The deal with eToro represents a notable strategic business alliance in the history of the social media company. Some of Musk’s moves, including changes in content moderation standards, spooked advertisers. However, the investor claimed this week that "almost all" of them are back on the platform.

"We are very excited about the intersection of finance and social media," eToro CEO Yoni Assia said in an interview with CNBC. "We believe this partnership will enable us to reach new audiences and connect the brands of Twitter and eToro," stated the head of the online brokerage platform.

Established in Tel Aviv in 2007, eToro now has 32 million registered users across Europe, Asia, and the United States, Assia revealed. The most popular feature of eToro is a function that allows investors to copy the trading strategies of other users.

Musk is on a mission to turn Twitter into a "super utility app," offering a wide range of services, from instant messaging to banking, according to a report. Musk announced at a Morgan Stanley conference last month that he wants Twitter to become "the biggest financial institution in the world."

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