Twitter has partnered with social trading company Etoro to offer users the opportunity to invest in cryptocurrencies and other assets. The move is seen as a significant step towards turning the microblogging platform into a “super app” under Elon Musk’s leadership, providing a range of financial and other services. Etoro announced its new deal with Twitter on Thursday, offering market charts on various assets and enabling users to buy and sell stocks and cryptocurrencies. The partnership will offer real-time prices for a wider range of financial instruments, with a new “view on Etoro” button allowing users to trade assets through its website.
Twitter’s ‘$Cashtags’ feature, launched in December 2022, already provides real-time data on some index funds and shares. However, the new partnership with Etoro will offer users information on an expanded range of financial instruments. To access the data, users need to search for a ticker symbol and insert the dollar sign in front of it, prompting the app to display price information from Tradingview, the market data provider. The partnership represents a significant business development in the latest chapter of Twitter’s history, following Musk’s acquisition of the platform in October 2022 for $44bn.
Etoro CEO Yoni Assia said in an interview with CNBC, “We are very excited about the intersection of finance and social media. We believe this partnership will enable us to reach new audiences and connect better the brands of Twitter and Etoro”. Established in Tel Aviv in 2007, Etoro now has 32 million registered users across Europe, Asia, and the United States. Among its most popular features is a function that allows investors to copy the trading strategies of other users.
Musk’s objective is to turn Twitter into a “super app”, offering a wide range of services, from instant messaging to banking. Last month, he told a Morgan Stanley conference that he wants Twitter to become “the biggest financial institution in the world”. Some of Musk’s moves, including changes in content moderation standards, spooked advertisers. This week, the investor insisted that “almost all” of them have returned. The deal with Etoro represents a significant step towards achieving Musk’s goal of turning Twitter into a financial services powerhouse.
The partnership between Twitter and Etoro is expected to expand the range of supported financial and other services, including those related to cryptocurrencies. The move is significant for the cryptocurrency market, which has seen a surge in interest and investment in recent years. The partnership will enable users to invest in cryptocurrencies through Twitter, providing a new level of accessibility and convenience for investors.
In conclusion, the partnership between Twitter and Etoro is a significant development in the history of the social media platform. The move will enable users to invest in cryptocurrencies and other assets through Twitter, providing a new level of accessibility and convenience for investors. With Musk’s objective of turning Twitter into a “super app” offering a wide range of services, the partnership represents a significant step towards achieving that goal. It remains to be seen how the partnership will develop, but it is clear that it has the potential to reshape the financial services industry and the way in which investors access and invest in assets.
