Twitter to Support Stock, BTC Trading with eToro Partnership

Twitter to Support Stock, BTC Trading with eToro Partnership

Twitter has partnered with social trading giant eToro to let users access Bitcoin, stocks, and other financial assets on the platform.

Owner Elon Musk has started to turn the blue bird into an “everything app” having taken over the company in a $44 billion deal last October. The partnership with eToro comes following the merger of Twitter Inc. with X Corp.

After purchasing Twitter, Musk tweeted that the acquisition would hasten the development of an “everything app.”

Enormous changes at Twitter

Twitter introduced subscription-based account verification, a 2FA policy change, the Doge logo, and many more changes since it was bought by Musk.

Following the tradition of the Musk era, it has now tied up with Bitcoin and cryptocurrencies.

Twitter told CNBC that it will be launching a new feature on its app starting Thursday. The feature will enable users to view market charts for a wider range of financial instruments and facilitate the buying and selling of stocks and other assets via eToro.

Also Read: Can ChatGPT Predict the Movement of Stocks?

Using Twitter’s “cashtags” feature, users can already view real-time trading data on index funds such as the S&P 500 and shares of certain companies like Tesla.

To access this information, users can search for a ticker symbol and insert a dollar sign in front of it, after which the app will use an API from TradingView to display the price information.

Not just Bitcoin

Bitcoin and cryptocurrency have always been an interest of Musk’s, as evidenced by the Tesla owner starting and subsequently halting acceptance of BTC payment for Tesla vehicles. Last year, the carmaker also started accepting dogecoin (DOGE) for certain merchandise on its website.

However, the partnership with eToro is not just limited to Bitcoin or cryptocurrencies. Twitter users will get a pop-up notification by clicking a button, which will guide them to the eToro site to make a trade.

According to an eToro spokesperson, the partnership with Twitter will expand the range of instruments and asset classes covered by Twitter’s “cashtags” feature.

“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,” said Yoni Assia, eToro’s CEO.

The multi-asset investment company uses TradingView as its market data partner.

The partnership between Twitter and eToro is expected to provide access to high-quality real-time content on financial analysis of companies and global events, thereby enabling both companies to reach new audiences and strengthen their brands, stated CEO Assia.

The collaboration is a significant and rare business deal for Twitter since it was acquired by Musk.

According to the data from the S.E.C., Israel-based brokerage eToro was founded in 2007. The platform offers various investment options, including buying and selling stocks, cryptocurrencies, and index funds.

One of the unique features of eToro is the ability to copy the trading strategies of other users. With over 32 million registered users across Asia, Europe, and the United States, eToro has become a popular choice for online investors.

Image credits: Shutterstock, CC images, Midjourney, Unsplash.