Twitter to Enable Crypto, Stock Trading After eToro Partnership

Paigambar Mohan Raj
Source: CoinDesk

Twitter users will soon be able to trade stocks, crypto, and other assets directly via the social media platform, thanks to a partnership with eToro. According to a CNBC report, the new feature will roll out on the Twitter application on Thursday, April 14.

It is interesting to note that Twitter’s owner, Elon Musk, began his quest to acquire the social media platform on April 14, 2022. A year later he is rolling out one of the biggest updates in the platform’s history. Twitter currently has a “cashtag” feature that allows users to view real-time trading data from various platforms. However, with the Twitter-eToro partnership, the “cashtag” feature will expand to include more instruments and asset classes, including trading crypto. The social media platform will also have a “View on eToro” button, which will take users to the eToro site.

eToro CEO, Yoni Assia told CNBC that they see a lot of their users interacting on Twitter and educating themselves about the market. Assia further added that Twitter has high-quality, real-time content about financial happenings around the world. Assia stated,

“This partnership will enable us to reach those new audiences [and] connect better the brands of Twitter and eToro.”

eToro was founded in Israel, in 2007. One of the standout features of eToro is that they allow people to mimic the trading strategies of other users.

Markets to boom after Twitter’s crypto trading feature?

Musk acquired Twitter at an eye-watering $44 billion price tag. A few months later, Musk stated that the company was worth half of what he purchased it for. Ever since, the Tesla CEO has taken steps to increase the company’s profitability, with paid verification being one of the first initiatives. The partnership with eToro is probably another step for Twitter to increase profitability. Although a payment feature has long been teased, the ability to trade crypto and stocks will likely bring a lot of traffic to Twitter.

Musk has revealed that he wants Twitter to become an “everything app.” At a Stanley Morgan conference, Musk also stated that he wants the social media platform to become “the biggest financial institution in the world.”