Twitter has partnered with the multi-asset trading platform eToro to provide users with direct crypto and stock trading. The news was made public by eToro, which already provides cashtags for Twitter.
The news was shared by eToro's Twitter handle a couple of hours back.
The partnership with eToro will allow Twitter users to buy and sell cryptocurrencies, stocks, forex, and much more. eToro is one of the largest multi-asset trading platforms in the US. It has more than 20 million active users and offers trading in 3000 assets. It already provides cashtags for Twitter for real-time asset price tracking. This plan is being touted as Elon Musk's vision to develop Twitter into a "super app."
A cashtag is a symbol for financial instruments; for example, Bitcoin has the following cashtag, $BTC. Currently, cashtags are limited to S&P 500 and a few select stocks. With eTror's partnership, this will expand to cover thousands of assets.
The service will be launched today, i.e., Thursday, April 13, 2023.
eToro will gain a lot of users since Twitter has one of the largest crypto enthusiast communities along with Reddit. There are more than 300 million tweets per year on Twitter about cryptocurrencies. The top countries of the above users are India, the USA, Indonesia, Turkey, Bangladesh, and the UK.
Twitter will gain additional utility for the app, which will help Twitter users to trade directly on the platform without having to open a new tab or window. Earlier, when someone would see a piece of news on crypto, they had to close Twitter, go to their trading app or terminal, place the trade, and then come back to Twitter. With direct trading on Twitter, there would be no reason to leave the platform. It will act to retain users for Twitter and make their sessions longer.
Elon Musk envisions making Twitter a super app with much higher financial capabilities. This includes being able to buy and sell cryptocurrency on the app. Elon, a cryptocurrency enthusiast, has supported such initiatives since he took over Twitter in a $44 billion deal.
Several social media platforms, including Facebook, Instagram, and Reddit, have recently witnessed a surge in Web3, Crypto, and NFTs. There have been millions of posts about each of them. Several users use hashtags like #fintwit, #cryptotwitter, etc, to track news relating to financial assets and cryptocurrencies. Further, with the recovery in crypto markets, users have started to return to trading cryptocurrencies.
A way to capitalize on this enthusiasm is to offer services that help users directly buy through these platforms. Meta has already started integrating NFTs into its platforms.
The exact details of the usability have not surfaced yet. Will eToro provide an API, or will it just take the users to their platform via a link? This is much more important because people would rather prefer to use their previous crypto trading app to buy or sell assets. An API integration would let users trade without leaving the platform.
Overall, this can be seen as a positive development that could drive higher crypto adoptions.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.