April 14, 2023

Twitter Taps into Crypto with Partnership with eToro

Twitter and eToro

Twitter and eToro

Twitter reportedly plans to roll out a new feature through which users can trade cryptocurrencies and stocks in collaboration with fintech company eToro, according to CNBC Network.

Twitter’s new feature will allow users to view the market charts through various financial instruments and purchase or sell crypto and other assets through eToro. The partnership with eToro will allow users to explore more instruments and asset classes on Twitter cashtags.

The social media platform will have a “View on eToro” button through which users enter eToro’s website and purchase and sell assets on its platform.

Regarding the reason why eToro collaborated with Twitter, eToro’s CEO Yoni Assia told CNBC that eToro’s users’ interactions on Twitter are growing and they use it for educating 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,” Assia noted.

Assia also pointed out that Twitter created a boom in retail trading in 2021 and became a trend.

An eToro spokesperson pointed out that Twitter became an essential platform for many people to access financial news and acquire knowledge.

CNBC described Twitter’s partnership with eToro as a rare and noteworthy business deal since Elon Musk acquired the platform for $44 billion in 2022. Musk earlier said that he wants to make Twitter the biggest financial institution in the world. So that the expansion of $cashtags aligns with Musk’s plans to integrate financial services into the platform as part of his plans to create a “super app.”

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