stub Twitter Partners with eToro for Stocks, Crypto Trading Service Rollout - Securities.io
Connect with us

Market News

Twitter Partners with eToro for Stocks, Crypto Trading Service Rollout

mm

Published

 on

Securities.io is committed to rigorous editorial standards. We may receive compensation when you click on links to products we review. Please view our affiliate disclosure. Trading involves risk which may result in the loss of capital.

In the latest move substantiating Elon Musk's desire to transform Twitter into a one-stop financial and messaging company, starting Thursday, the social networking platform will allow users to trade stocks and other assets. The offering, rolled out and available on Twitter today, will leverage eToro's online brokerage services. Notably, the partnership with the online trading company is the first major one since the arrival of Musk following a $44 billion buyout deal.

Specifics

Since assuming the CEO role at Twitter headquarters, Musk has hardly concealed his inclination to make Twitter an all-rounded venue meeting instant messaging, financial and social networking needs. The social site currently supports watching and tracking real-time trading data from TradingView (eToro's market data partner) on certain indices and the stock markets. This is possible using a ‘cashtags' feature: adding a ‘$' prefix ahead of the ticker symbol of interest on the search bar. Charts on price action from TradingView are presented using an application programming interface.

“There is very high-quality content, real-time content on financial analysis of companies and what’s happening around the world. We believe this partnership will enable us to reach those new audiences [and] connect better the brands of Twitter and eToro,” eToro’s CEO and founder Yoni Assia wrote on Twitter, confirming the partnership.

The new offering will augment this disguised feature by providing convenient access to market charts on a fair range of instruments. In particular, the collaboration with eToro will add to the pricing data $Cashtags that has been available since December 2022 by widening the scope of instruments and featured asset classes.

The ‘Everything app' endgame

Twitter's Thursday efforts resemble an operation model involving traversing several vertices. Multinational tech and entertainment giant Tencent has implemented the strategy successfully by offering payments through the WeChat native messaging platform. Earlier this month, Musk announced a change in the corporate name of the Twitter brand. The change was borne of a merger between the social platform and a shell company X Corp according to the corresponding filing. The court document vaguely outlined that the acquisition of Twitter was part of a bigger picture of an everything app dubbed ‘X.'

Sam is a financial content specialist with a keen interest in the blockchain space. He has worked with several firms and media outlets in the Finance and Cybersecurity fields.