Twitter is partnering with social trading platform eToro to bring trading of stocks, cryptocurrencies, and other financial assets to its platform, marking a significant step in Elon Musk’s vision of turning Twitter into a “super app.”
https://twitter.com/eToro/status/1646430266401890304
In an exclusive interview with CNBC, eToro CEO Yoni Assia detailed the collaboration, which will begin on Thursday, and how it aims to provide a seamless trading experience for Twitter users.
Until now, Twitter has offered real-time trading data from TradingView for select index funds and company shares through its “cashtags” feature.
The partnership with eToro will expand the range of financial instruments and asset classes accessible via cashtags. Users will also be able to click a “view on eToro” button, directing them to eToro’s platform, where they can buy and sell assets.
eToro, founded in Israel in 2007, is an online brokerage allowing users to trade stocks, cryptocurrencies, and index funds.
The platform eToro boasts over 32 million registered users across Europe, Asia, and the United States. Its “copy trading” feature, which enables users to replicate the trading strategies of others, has proven to be highly popular among traders.
Assia believes that the partnership between Twitter and eToro will capitalize on the growing trend of “Fintwit” (financial Twitter) and help connect the brands more effectively.
Since the introduction of cashtags in December 2022, more than 420 million searches have been conducted, averaging around 4.7 million per day.
Twitter CEO Elon Musk has expressed his ambition to transform the platform into a super app, offering a wide array of services including messaging, banking, and travel. This move follows the successful model of Tencent’s WeChat app in China, which integrates various services, including payments, into its platform.
Recently, according to a court filing, Musk changed Twitter’s corporate name to X Corp after merging with a shell company by the same name, further emphasizing his goal of creating a super app.
During a Morgan Stanley conference last month, he stated his desire for Twitter to become “the biggest financial institution in the world.”