Social trading firm Etoro will partner with Twitter to allow users of the microblogging platform to invest in cryptocurrency and other assets. The move is seen as a step toward turning social media into a “super app,” a mission of Mask’s, offering financial and various other services.
Musk’s Twitter cache tag covers crypto assets
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Israel-based investment firm Etoro announced on Twitter on Thursday a new deal with the social media platform that provides market charts for various assets and gives the option to buy and sell stocks and cryptocurrencies.
🎉Very excited to be launching a new $Cashtags partnership with @Twitter which will enable Twitter users to see real-time prices for a much wider range of stocks, crypto & other assets as well as having the option to invest through eToro. @elonmusk https://t.co/Iv2q9iNxbf
— eToro (@eToro) April 13, 2023
Launched in December 2022, Twitter’s $Cashtags feature already provides real-time data on some index funds and stocks. But thanks to a new partnership, users will be able to get information on a wider range of financial products, Etoro told CNBC.
To access the data, users must search for the ticker symbol and insert a dollar sign in front of it, prompting the app to display pricing information from market data provider Tradingview. The new “view on Etoro” button also allows users to trade assets through Etoro’s website.
Twitter was acquired by entrepreneur Elon Musk in October 2022 for $44 billion. After the acquisition, the new owner and CEO embarked on a series of reorganizations, including laying off thousands of employees and rolling out subscription plans for certified users.
The Etoro deal represents a notable business development in the latest chapter of Twitter’s history. Some of Musk’s moves, such as changes to content moderation standards, have spooked advertisers. This week, investors claimed that “almost all” of that has returned.
“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 allow us to reach those new audiences (and) better connect Etoro’s brand with Twitter,” the head of the online brokerage added.
Founded in Tel Aviv in 2007,Etoronow has 32 million registered users in Europe, Asia, and the United States, Asya noted. The most popular feature is the ability for investors to copy other users’ trading strategies.
One of Elon Musk’s goals is to make Twitter a “super app” that offers a wide range of services from instant messaging to banking, the report noted. Last month, he told a Morgan Stanley conference that he wants to make Twitter “the world’s largest financial institution.”
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