- Twitter partners with eToro to enable users to buy and sell assets on the platform beginning Thursday
- The new feature will enhance the already existing cashtags feature which has seen 420 million searches since 2023 began
- Musk aims to make Twitter “the biggest financial institution in the world.”
Elon Musk’s social media platform, Twitter, has partnered with eToro to give users access to stocks, cryptocurrencies, and other financial assets and enable them to trade them.
According to CNBC, the new feature, expected to go live on Thursday, will enable users to view market charts in a wider variety of financial securities and buy and sell stocks and other assets via eToro.
This partnership is meant to advance the cashtags feature, which allows users to view TradingView’s real-time trading data on index funds and shares of various companies. In December, Musk referred to the quality as “one of the many product improvements for financial Twitter.”
Through the cashtag feature, one can search for a specific asset using its ticker symbol with a dollar sign in front of it, after which the price information from Trading View will be fetched through an API (application programming interface) displayed.
However, the new feature will provide more securities and assets than cashtags. It will have a button saying “view on eToro,” which will redirect users to the eToro site where the user can buy and sell assets.
The Intersection of social media and Finance
According to eToro’s spokesperson, many individuals go to Twitter to seek financial news and learn more about investing since the social media platform has become a relatively significant part of the community for retail investors. As such, eToro believes that $Cashtags can play an essential role in this conversation, as they are already gaining much traction.
Important to note that eToro has partnered with Trading View; hence it uses its market data.
eToro’s CEO, Yoni Assia, while speaking on the partnership, said, “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.”
Assia further spoke of “Fintwit,” or financial Twitter, a popular trend through which Twitter users find breaking news and updates on stocks and other assets, adding, “We are very excited about the intersection of finance and social media.”
Since the beginning of 2023, more than 420 million searches for Cashtags have been made, with an average of 4.7 million searches daily.
eToro, established in Israel in 2007, is an online brokerage that enables users to buy and sell stocks, cryptocurrencies, and index funds. One of its most notable features allows users to emulate the trading tactics of other users. According to Assia, the company has more than 32 million registered users across Europe, Asia, and the US.
This partnership, therefore, becomes the first significant deal for Twitter since it was bought for $44 billion in October last year by Elon Musk. Assia termed the partnership “a perfect match” and believes the feature will help bring a new audience to the platform.
