Popular social media platform Twitter is reportedly launching a new feature that will allow users of the platform to trade cryptocurrencies and stocks. According to CNBC, the new feature was launched in partnership with fintech firm eToro.
Twitter users will be able to browse market charts for more financial instruments and buy or sell cryptocurrencies and other assets through eToro. The latest partnership between the social media platform and the fintech firm will expand Twitter's "cash tag" feature, which currently allows users to view real-time trading data from TradingView. "Twitter has become a very important part of the retail investing community, with many turning to it for financial news and knowledge. We think $Cashtags can play a central role in this conversation, and they've gained a lot of traction"
The new financial feature can be accessed through the "View on eToro" tab, which will take users to eToro's trading platform. The fintech company, founded in 2007, launched a crypto trading function and a crypto wallet in 2019. The latest partnership would also be the social media giant's first notable deal since Elon Musk took over as chief executive after buying the social media network for $44 billion last year. Yoni Assia, CEO of eToro, called the partnership a perfect match and believes the feature will help bring new audiences to the platform.
Assia noted that financial Twitter has become a trend and is key to a retail trading boom in 2021. Searches for "cashtags" have grown into the millions, he added. Musk, on the other hand, said in a recent interview that he wants Twitter to become "the largest financial institution in the world."
Musk had earlier floated the idea of making Twitter a "super app," focused on building an ecosystem where users could access multiple online services in one place. The concept of super apps, which act as portals to everything consumers need in their daily lives, is very popular in China. For example, WeChat provides instant messaging, social media, travel and hotel bookings, banking, and more.
