Twitter and the crypto partnership with eToro

The social app Twitter, according to the latest sources, will partner with eToro, the social trading company, to allow users to trade stocks and crypto, as Elon Musk is pushing the app into finance. Let’s see what’s happening.

Crypto news: the deal between Twitter and eToro, how will it work

As anticipated, Twitter will allow its users to access stocks, crypto, and other financial assets through a partnership with eToro, a social trading company.

Starting today, a new feature will be implemented on the Twitter app. This will allow users to view market charts on an expanded range of financial instruments and buy and sell stocks and other assets from eToro, the company told CNBC exclusively.

Currently, it is already possible to view real-time trading data from TradingView on index funds such as the S&P 500 and stocks of some companies such as Tesla. This can be done using Twitter’s “cashtag” function.

In other words, you look for a ticker symbol and enter the dollar sign in front of it, after which the app will display price information from TradingView using an API (application programming interface).

With the eToro partnership, Twitter cashtags will be expanded to cover many more instruments and asset classes, an eToro spokesperson told CNBC. In addition, people will also be able to click a button that says “view on eToro,” which leads to eToro’s website, then buy and sell assets on its platform.

As is well known, eToro uses TradingView as a partner for market data. Yoni Assia, CEO of eToro, stated the following in the CNBC interview:

“As we have grown immensely over the past three years, we have seen more and more users engage on Twitter and educate themselves on the markets. There is very high quality content, real-time content on the financial analysis of companies and what is happening around the world. We believe this partnership will allow us to reach that new audience and better connect the Twitter and eToro brands.”

Musk’s first major deal since becoming CEO of Twitter

The partnership with eToro marks a rare and noteworthy deal for Twitter ever since Elon Musk took the reins as CEO after buying the platform for $44 billion last year.

Founded in Israel in 2007, eToro is an online broker that allows users to buy and sell stocks, cryptocurrencies, and index funds. Among its most popular features is a function that allows people to imitate the trading strategies of other users.

The company has more than 32 million registered users in Europe, Asia and the United States, Hesse said. As is known, during Musk’s time as CEO, Twitter drastically reduced its staff, downsizing from 8,000 to 1,500 when he took over, in an effort to cut costs and achieve profitability.

The actions of the Tesla mastermind spooked advertisers, with many brands abandoning the platform in light of concerns that its content moderation standards would slip.

However, on Wednesday, Musk said that almost all advertisers have returned to the app. In any case, Stellantis and Volkswagen, which had paused advertising on the platform, said they had no plans to resume it yet.

Finally, Hesse said he was working with the same Twitter team on the stock market data tool that he had worked with in previous partnerships with the company.

Besides eToro, Musk has other crypto news for Twitter

“Fintwit,” or financial twitter, has become a popular trend on the app, which many people use to find the latest news and updates on stocks and other assets. As the data tell us, Twitter has been a key platform involved in the retail boom in 2021.

The social platform added price data for $Cashtags in December 2022. Since the beginning of 2023, there have been more than 420 million searches for Cashtags, with an average of about 4.7 million searches per day.

In addition, we know that Musk intends to turn Twitter into a so-called “super app.” Such apps tend to offer users a range of services such as instant messaging, banking, and travel.

Earlier this week, Musk changed Twitter’s corporate name to X Corp, after merging with a shell company with that name, according to a court statement, highlighting his ambition to turn the company into a super app.

Indeed, weeks before completing the Twitter acquisition, which followed numerous attempts to back out of the deal, Musk tweeted that buying the company was an “accelerant to the creation of X, the everything app.”

Not surprisingly, at a Morgan Stanley conference last month, the billionaire stated his desire for Twitter to become the world’s largest financial institution.