Twitter will now let users trade stocks and crypto as Musk pushes ‘Everything App’ to become the next WeChat
Twitter will now allow its users to buy stocks and cryptocurrencies as part of its new partnership with the trading and social investing platform eToro. In an announcement on Thursday, eToro said it has partnered with Elon Musk-led Twitter to let users trade stocks and cryptocurrencies, while also providing users access to real-time prices of cryptocurrencies, stocks, and other digital assets.
The move marks the latest step towards fulfilling owner Elon Musk’s ambitious vision of converting the platform into a versatile “everything app” similar to the Chinese giant WeChat.
According to the report, the trading data will be available through Twitter’s Cashtags feature, which was launched in 2012 and allows users to interact with content around an asset by inserting a dollar sign in front of the ticker.
As part of the deal, Twitter will introduce a new feature that allows users to effortlessly buy and sell stocks, cryptocurrencies, and other assets by clicking a button. This button, labeled as “view on eToro,” will direct users to eToro’s platform where they can carry out asset transactions.
Yoni Assia, the CEO of eToro, stated in an interview with CNBC that the partnership will strengthen the connection between the two brands. He further added that in recent years, eToro’s users have increasingly utilized Twitter to “educate themselves about the markets,” and there is a wealth of “very high-quality” real-time content accessible on the platform.
The partnership with Twitter will help eToro expand and reach new audiences who are using Twitter as a source of information.
Late last year, Musk said that Cashtags with data from TradingView was “one of the many product improvements for financial Twitter.”
One of many product improvements coming to financial Twitter!
Nice work by Twitter team. https://t.co/CKLH8OtDDW
— Elon Musk (@elonmusk) December 22, 2022
Back then, Twitter users were able to view real-time trading data from the markets-charting platform TradingView, but only on some assets such as the S&P 500 index and shares of certain companies such as Tesla, Now with this partnership, they can click through to eToro’s platform to see information about the asset, with an added option to invest.