Social media giant Twitter has partnered with investment platform eToro in order to introduce a new feature that will allow its users to trade crypto and stock, eToro said in a press release on 13 April.
According to the announcement, the new partnership will expand on Twitter’s “$Cashtags” feature — which currently allows users to view real-time trading data for a limited number of assets from TradingView — and provide a “far wider range of stocks, crypto and other assets”. The new feature will be accessible via a “view on eToro” tab, which will direct Twitter users to the eToro platform where they can purchase or sell cryptocurrency and other assets. The CEO and co-founder of eToro, Yoni Assia, said in a statement:
“Twitter has become a crucial part of the retail investing community – it’s where millions of ordinary investors go every day to access financial news, share knowledge and converse. As the social investing network, eToro was built on these very principles – community, knowledge-sharing and better access to financial markets.”
Twitter added pricing data for $Cashtags in December 2022, and since then the feature had seen a widespread adoption on the social media platform. eToro noted in its press release that there were on average 4.7 million $Cashtag searches — such as $BTC, $TSLA, and $SPY — each day, and that the social media platform had recorded 420 million total searches since the start of the year.
This will be the first notable deal Twitter has made since it was acquired by Elon Musk for $44 billion last year. The new partnership also aligns with Musk’s plans to make Twitter a “super app” that offers users access to multiple online services on one platform, which is similar to China’s WeChat app that functions as a gateway to everything a user might need in his day-to-day life.