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Twitter and eToro Partner to Expand Financial Access to Users





Date Published:
Author: CML News

Lede

Twitter users can now access a wider range of financial instruments including stocks and cryptocurrencies through a partnership with social trading company eToro.

 

Summary

  • A new feature on the Twitter app will allow users to view market charts on a wider range of financial instruments and buy and sell stocks and other assets from eToro.
  • The Twitter cashtags feature will be expanded to cover more instruments and asset classes, allowing users to click a button that says “view on eToro,” which takes them to eToro’s site, and then buy and sell assets on its platform.
  • With the partnership, eToro’s market data partner, TradingView, will provide real-time trading data on stocks, cryptocurrencies, and index funds.
  • This partnership marks a rare business deal for Twitter since Elon Musk took over as CEO, and reflects his aim to turn Twitter into a “super app” that offers a range of services including banking, instant messaging, and travel.
  • Twitter added pricing data for $Cashtags in December 2022, and since the start of 2023, there have been more than 420 million searches for Cashtags, with the number of searches averaging about 4.7 million a day.
  • Yoni Assia, eToro's CEO, said the partnership would enable eToro to reach new audiences and connect better the brands of Twitter and eToro.
  • The concept of a "Fintwit," or financial Twitter, has become a popular trend on the app, with many people using it to find breaking news and updates on stocks and other assets.
  • Weeks before completing his acquisition of Twitter, Musk tweeted that buying the company was an “accelerant to creating X, the everything app,” and he wants Twitter to become “the biggest financial institution in the world.”
  • Stellantis and Volkswagen paused advertising on Twitter, but many brands have returned to the app.
  • The eToro partnership did not involve direct contact with Musk, but Assia said it was exciting to see how Twitter would focus more on finance, and hoped to see the partnership expand beyond this step.

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