The popular social media app is looking to introduce crypto and stock trading options from within the app as Musk aims to penetrate financial markets.
Popular social media platform Twitter is reportedly set to introduce a new feature that will allow users of the platform to trade cryptocurrencies and stocks. The new feature is being launched in partnership with fintech firm eToro, as reported by CNBC.
Twitter users will be able to browse market charts for a wider variety of financial instruments and purchase or sell crypto and other assets through eToro. The latest partnership between the social media platform and fintech firm will expand on Twitter’s “cashtags” feature that currently allows users to view real-time trading data from TradingView. An eToro spokesperson told Cointelegraph:
“Twitter has become a really important part of the retail investing community and it’s where a lot of people go to access financial news and acquire knowledge. We think $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 via a “view on eToro” tab, which will take the users to eToro’s trading platform. The fintech company, founded in 2007, introduced crypto trading features and a crypto wallet in 2019.
The latest partnership would also be the first notable deal for the social media giant since Elon Musk took over as CEO after acquiring the social media network for $44 billion last year. Yoni Assia, eToro’s CEO, called the partnership a perfect match and believes the feature will help bring a new audience to the platform.
Assia noted that financial Twitter became quite a trend and was key to the retail trading boom during 2021. He added that “cashtags” searches have grown into millions. On the other hand, Musk, in a recent interview, said that he wants Twitter to become “the biggest financial institution in the world.”
Musk had earlier floated the idea of making Twitter a “super app,” with a focus on building an ecosystem that would offer users access to several online services in one place. The concept of the super app is quite popular in China, where such apps function as a gateway to everything a consumer needs in their day-to-day life. WeChat, for example, offers instant messaging, social media, travel and hotel booking, banking and more.