The popular social network Twitter is about to introduce a new feature that will allow users of the platform to trade cryptocurrencies and stocks. The new feature will be launched in collaboration with financial technology company eToroas reported by CNBC.
Twitter users will be able to view market charts for a wider variety of financial instruments and buy or sell cryptocurrencies and other assets through eToro. The latest partnership between the platform and the fintech firm will expand Twitter’s “cashtags” feature, which currently allows users to view real-time trading data from TradingView. An eToro spokesperson told Cointelegraph:
“Twitter has become a very important part of the retail investor community and is where many people go for financial news and insights. We believe that $Cashtags can play a central role in this conversation and they are already gaining a lot of traction.”
The new financial features can be accessed through a “view on eToro” tab, which will take users to the eToro trading platform. The fintech company, founded in 2007, introduced cryptocurrency trading features and a cryptocurrency wallet in 2019.
The latest partnership would also be the first notable deal for the social network since Elon Musk took over as CEO. after acquiring the platform for $44 billion last year. Yoni Assia, CEO of eToro, called the partnership a perfect match and believes the feature will help attract a new audience to the platform.
Assia noted that Twitter’s financial space became quite a trend and was key to the retail boom in 2021. He added that searches for “cashtags” have multiplied by millions. On the other hand, Musk, in a recent interview, said he wants Twitter to become “the biggest financial institution in the world.”
Musk had previously floated the idea of turning Twitter into a “super app,” focusing on building an ecosystem that would give users access to various online services in one place. The concept of a super app is very popular in China, where this type of application works as a gateway to everything a consumer needs in their day to day. WeChat, for example, offers instant messaging, social networking, travel and hotel reservations, banking services, and much more.
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