Twitter has joined hands with eToro, a social trading company, in hopes of allowing 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 invest through the new service called $Cashtags. The news of the latest service was revealed to users via eToro’s official 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 https://t.co/Iv2q9iNxbf
— eToro (@eToro) April 13, 2023
As of now, it is possible for users to see real-time trading data from TradingView on different index funds such as the S&P 500, along with the shares of different other organizations. By using the Cashtag feature, all a user needs to do is search for a ticker symbol and then add a dollar sign right in front of it. As soon as that’s done, the app would show a user the required price information via TradingView using an API.
According to a spokesperson from eToro, it was clarified that the Twitter Cashtags would be expanded for covering a greater array of instruments in the long run. Moreover, it was mentioned how the partnership would enable the firm to offer high-quality content to interested users and reach new audiences. The recent partnership inevitably marks a noteworthy business partnership for Twitter ever since Elon Musk purchased it for approximately $44 billion.
The CEO of eToro, Yoni Assia stated in an interview,
“As we’ve grown over the past three years immensely, we’ve seen more and more of our users interact on Twitter [and] educate themselves about the markets. 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.”
Would the Partnership be Fruitful for Twitter in the Long Run?
It is a fact that Twitter lost half of its worth soon after Musk’s purchase, and a number of strategies were put into effect to generate greater revenue. A number of them, mainly paid verification, did not prove to be profitable. Plus, it is recently speculated that Musk is willing to sell Twitter.
However, last month the Dogecoin (DOGE) fan, Elon Musk, stated that he wants Twitter to become “the biggest financial institution in the world.” Therefore, it is anticipated that the partnership with eToro can prove to be a ray of hope for the social media giant and a significant step toward profitability.
A payment feature has been teased for a while now, and the possibility of trading cryptos and stocks would inevitably drive great traffic to the platform. Furthermore, $Cashtags aligns itself with the plans of Elon Musk of integrating financial services into the social media platform, mainly because of his intentions of creating a super app. Musk previously stated that he wishes for the Twitter payment systems to accommodate both crypto and fiat currencies.