Twitter launches bitcoin and cryptocurrency trading for over 350 million users

Twitter has announced a new partnership with eToro, a social trading company, to allow users to trade stocks, cryptocurrencies and other financial assets directly through the Twitter app.

Starting next Thursday (13), a new feature will be launched in the app that will allow users to view market charts of a wide variety of financial instruments and buy and sell stocks, cryptocurrencies and other eToro assets.

Currently, it is possible to view live trading data from TradingView on index funds such as the S&P 500 and shares of some companies such as Tesla. This can be done using Twitter’s “cash tags” feature. The new partnership extends Twitter’s “cash tags” to many more instruments and asset classes.

Twitter allows users to trade Bitcoin and cryptocurrencies

The move marks a rare and remarkable deal for Twitter since Elon Musk took over as CEO after buying the platform for $44 billion last year.

eToro CEO Yoni Assia said he believes the partnership will enable the company to reach new audiences and better connect the Twitter and eToro brands.

eToro is an online brokerage that allows users to buy and sell stocks, cryptocurrencies, and index funds. The company has more than 32 million registered users in Europe, Asia and the United States.

“Very excited to launch a new $Cashtags collaboration with @Twitter, which allows Twitter users to see real-time prices for a much wider range of stocks, cryptocurrencies and other assets, as well as the ability to invest through eToro.”said eToro on Twitter.

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eToro’s CEO expressed his enthusiasm for the intersection of finance and social media in an exclusive interview with CNBC. He cited the rise of “Fintwit,” or financial twitter, as a popular trend on the platform, where many people use it to find the latest news and updates on stocks and other assets.

Since Twitter added price data in December 2022, there have been an average of more than 420 million searches for Cashtags, about 4.7 million per day by 2023.

Assia also commented on Elon Musk’s ambition to turn Twitter into a super app that offers all kinds of services, including banking.

In China, Tencent’s WeChat messaging app already offers payment options. Musk changed Twitter’s corporate name to X Corp before finalizing the acquisition of the company, underscoring his ambition to make Twitter a super app.

Assia had no direct contact with Musk, but joked that, after meeting other richest men in the world, a meeting with Musk was inevitable. He expects the cooperation between eToro and Twitter to expand further in the financial field.

At a Morgan Stanley conference last month, Musk expressed his ambition to make Twitter the largest financial institution in the world.

During his tenure as CEO, Twitter drastically reduced its workforce, from 8,000 to 1,500 in an effort to cut costs and achieve profitability.

This has spooked advertisers, with many brands leaving the platform over concerns that their content moderation standards would drop.

Source: Live Coins

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