Thanks to a partnership with eToro, 450 million monthly active Twitter users will soon have the ability to directly trade stocks, cryptocurrencies, and other assets through the social media platform.
The new feature is set to roll out on April 14th, according to a report by CNBC. Previously, Twitter had a “cashtag” feature that allowed users to view real-time trading data from various platforms. However, the Twitter-eToro partnership will expand the feature to include more instruments and asset classes, including crypto trading. Additionally, Twitter will include a “View on eToro” button that will take users to the eToro website.
Yoni Assia, CEO of eToro, stated that many of their users interact on Twitter and educate themselves about the market. This partnership will enable eToro to connect with new audiences and enhance the brand of both Twitter and eToro.
The partnership with eToro is expected to increase Twitter’s profitability, with Elon Musk, the owner of Twitter, aiming to make it an “everything app” and the biggest financial institution in the world. The launch of the new trading feature is likely to attract a lot of traffic to the platform.
Twitter Taps into Engaged Crypto and Web3 User Base
Following Elon Musk’s $44 billion takeover of Twitter last year, the social media platform has made several references associated with the crypto market, including changing the famous Twitter logo to the Shibu Inu dog logo most recently.
The Web3 audience uses Twitter regularly as part of their marketing and communications stack. Twitter Spaces have become common ways to interact with communities and a large portion of blockchain projects would use Twitter and Discord to update their followers on a regular basis.
Additionally, In October 2022, it announced a new feature called Tweet Tiles that will enhance links to certain non-fungible token (NFT) marketplaces. Users will be able to include a link to an NFT on an external site, which will automatically expand to show a full-size image of the NFT, its metadata, and a link to its location on its respective marketplace. Marketplaces supported during the trial include Rarible, Magic Eden, Dapper Labs, and Jump.trade. Twitter has gradually added support for NFTs over the past year, including the release of free NFTs and adding support for NFTs in profile pictures.
The platform has also integrated cryptocurrency, including the introduction of crypto tipping in September 2021 and rumors of a crypto wallet.
It remains unclear whether Musk intends to follow through on his earlier crypto plans, such as Dogecoin integration and micropayments.
However, with this most recent partnership announcement with eToro it is clear that Musk isn’t afraid to experiment to offer his engaged users new product features.
