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- What – Twitter has signed a partnership deal with fintech firm eToro.
- Why – According to a report by CNBC, Twitter, a renowned social media platform, is set to launch a new feature in collaboration with fintech firm eToro.
- What Next – This new feature will allow its 350+ million users to engage in trading activities involving cryptocurrencies and stocks.
Update – As of 2024, the only cryptocurrencies eToro users in the United States will be able to trade on the platform will be Bitcoin, Bitcoin Cash and Ethereum.
Twitter Partners Up With eToro
Through this latest partnership with fintech firm eToro, Twitter consumers will now be able to access a wider range of financial instruments and browse crypto market charts. Additionally, it will also allow users to purchase or sell cryptocurrencies and other assets. This expands on Twitter’s existing “cashtags” feature that provides real-time trading data from TradingView.
The CEO and founder of eToro, Yoni Assia, has confirmed the partnership on his Twitter profile. He said:
“There is very high-quality, real-time content on financial analysis of companies and what’s happening worldwide. We believe this partnership will enable us to reach those new audiences [and] connect better the brands of Twitter and eToro.”
Ever since Elon Musk acquired Twitter for $44 billion, there have always been speculations that he will transform the platform into a financial medium.
Earlier reports this year indicated that Twitter was seeking regulatory approval to roll out its payment system throughout the United States. While initially focused on fiat currency, Musk also hinted at plans to incorporate cryptocurrency functionality as well.
Twitter’s “Cashtags” Function will have New Features
For some time now, Twitter offered its community live market data through market chart provider TradingView. However, the partnership with eToro will enhance the “cashtags” feature and facilitate more comprehensive trading options.
At present, users can view trading data from TradingView on popular index funds such as S&P 500, certain individual stocks, and cryptocurrencies. Once the new feature integrates, the platform will add a new button, “view on eToro”, taking users directly to eToro’s platform where they can engage in trading activities.
Recently, Musk changed Twitter’s corporate name to “X Corp.” This refers to Musk’s startup in the payments sector, founded in 1999, which ultimately became PayPal.
Bringing Crypto to the Masses
The cryptocurrency industry has undergone rapid growth in recent times, with Twitter at the forefront of this revolution. It has emerged as a central hub for the crypto community, providing a one-stop destination for enthusiasts, market analysts, NFT collectors, and new investors to remain updated with the latest news, trends, and developments in the industry.
With Musk as its leader, Twitter aims to transform social media into a super-app that provides an array of services beyond just tweeting. Musk envisions a platform that integrates multiple app functionalities into one, making it easier for users to access all the required services without switching between different applications. His vision includes instant messaging, travel, banking, and more.
Just last week, Twitter made headlines when it replaced its iconic blue bird logo with the Shiba Inu dog, the exact figure used in the Dogecoin logo.
This move captured the crypto community’s attention, resulting in a 37% surge in the price of $DOGE before it plunged. Even though the logo change was for a brief time, it illustrates Twitter’s ability as a driving force to influence the crypto market and the strength of social media in the industry.
The news also positively impacted Dogecoin, with its price surging by 4.98% following the partnership announcement.
Interestingly, Twitter’s revenue has suffered sharply in recent months due to declining ad spending by businesses on the platform. With the company struggling to achieve profitability, its internal valuations have plummeted to $20 billion, which is less than half of what Elon paid for it.
Despite this, Musk is confident that Twitter’s valuation can exceed $250 billion once it ventures fully into finance.
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