- Twitter and eToro have combined to offer stock and crypto trading
- The deal will see an expansion of the popular Cashtags on Twitter
- Users will be able to go direct to eToro from the site to trade their favorite stocks and cryptocurrencies
Twitter yesterday announced a collaboration with trading and investing platform eToro to provide users with real-time pricing information on various assets, including cryptocurrencies and stocks, as well as trading them. The feature will make use of Twitter’s Cashtags feature, which has been operational since 2012, and which Twitter CEO Elon Musk highlighted last year as one of several product enhancements for financial Twitter, including from the trading site Tradingview. However, users won’t be able to trade directly within Twitter but will instead be redirected to eToro to conduct their trades.
Cashtages to be Expanded
Cashtags are immensely popular in the crypto and stocks fraternity on Twitter, and Twitter has taken advantage of this popularity to integrate eToro’s trading facilities, which itself uses Tradingview for its data. According to a spokesperson from eToro who spoke with CNBC, the partnership between eToro and Twitter will result in the expansion of Twitter cashtags to include a broader range of financial instruments and asset classes.
Users will then be able to click on a “view on eToro” button that will redirect them to eToro’s website, where they can then purchase and sell assets on its platform. Yoni Assia, eToro’s CEO, told CNBC that the growth of financial education and discussion on Twitter was behind their expansion into the social media platform:
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. 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.
The move is the latest effort by Musk to make Twitter the ‘everything app’ and represents a rare piece of good news after a turbulent start to his reign as Twitter boss.