Users of the popular social media network Twitter may soon be able to trade stocks and cryptocurrencies within the app. CNBC reports that the debut of the new tool is a joint effort with finance company eToro.
Twitter + eToro
Just a few days ago, Elon Musk announced plans to rebrand Twitter into an ‘everything app’ called X Corp. Now there is a new partnership with one of the largest trading platforms in the world. It seems like Twitter will be something totally new in just a few years after its acquisition by Elon Musk.
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eToro is integrating with Twitter so that users may view market charts for a larger range of financial instruments. They will also be able to buy or sell cryptocurrencies and other assets. Twitter’s “cashtags” function, which lets users monitor real-time trading data from TradingView, will be expanded thanks to the new cooperation.
A “view on eToro” button allows users to navigate to the social trading site eToro and make advantage of the new financial tools. Since Elon Musk became CEO of the social media behemoth last year after spending $44 billion for it, this new alliance would be the first significant deal for the company.
“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,” eToro’s CEO, Yoni Assia, explain in a CNBC interview.
In 2021, Assia observed, there was a surge in retail trading, largely related to Twitter, which had become a major trend. In addition, he mentioned that millions of people are now using “cashtags” to conduct online research.
“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,” Assia added.
Musk recently stated in an interview that his goal for Twitter is to become the biggest financial institution in the world. Musk had previously proposed transforming Twitter into something new.
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The goal would be to create an ecosystem that would give consumers unified access to several different online services. In China, where a consumer’s smartphone serves as a hub for all of their daily needs, the concept of the “super app” has taken off.
Final thoughts
You can do everything on WeChat. Instant chatting, accessing social media, investing, trading, and booking flights or hotels – all that is available for Chinese citizens in the super app WeChat.
If Musk succeeds in creating a similar concept for the rest of the world with Twitter, or X Corp, it could seriously increase the company’s market cap along with Musk’s influence.
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