Twitter has partnered with eToro, a social trading company, hoping to allow users to trade both stocks and cryptocurrencies. At the same time, eToro would offer Twitter users real-time prices for cryptocurrencies and stocks, including a number of other digital assets, while directing them to the eToro website to trade via the new service called $Cashtags. The news of the new service was made known to users via the official eToro Twitter account..
????Very excited to be launching a new $Cashtags partnership with @Twitter which will enable Twitter users to see real-time prices for a much wider range of stocks, crypto & other assets as well as having the option to invest through eToro. @elonmusk
— eToro (@eToro) April 13, 2023
From now on, users can view real-time trading data from TradingView on various index funds, such as the S&P 500, along with stocks from other organizations. With the Cashtag function, the user just has to search for a ticker symbol and add a dollar sign to it. Once this is donethe application will display the necessary price information to the user through the TradingView using an API.
According to an eToro spokesperson, clarified that Twitter Cashtags would be expanded to cover a wider variety of instruments in the long term. In addition, it was mentioned how the association would allow the company to offer high-quality content to interested users and reach new audiences. The recent partnership inevitably marks a notable business alliance for Twitter since Elon Musk bought it for roughly $44 billion.
eToro CEO Yoni Assia stated in an interview,
“As we’ve grown tremendously in the last three years, we’ve seen more and more of our users interact on Twitter. [y] are informed regarding the markets. There is very high-quality content, real-time content on company financial analysis and what is happening around the world. We believe this partnership will allow us to reach these new audiences. [y] better connect the Twitter and eToro brands.”
Will the partnership for Twitter be fruitful in the long term?
It is a fact that Twitter lost half its value shortly following Musk’s purchase, and various strategies were put in place to generate more revenue. Several of them, mainly payment verification, were not profitable. In addition, there has recently been speculation that Musk is willing to sell Twitter.
However, last month Dogecoin (DOGE) fan Elon Musk stated that he wants Twitter to become “the biggest financial institution in the world.” Therefore, the partnership with eToro is expected to be a ray of hope for the social media giant and a significant step towards profitability.
There has been talk of a payment feature for some time, and the ability to trade cryptocurrencies and stocks would inevitably bring a lot of traffic to the platform. Furthermore, $Cashtags aligns with Elon Musk’s plans to integrate financial services into the social media platform, mainly due to his intentions to create a super app. Musk previously stated that he wants Twitter’s payment systems to accommodate both crypto and fiat currencies..
