- The partnership will expand Twitter cashtags to cover more asset classes
- Musk wants to transform Twitter into a super app with bundled services
Users of Twitter will be able to access crypto, stocks, and other financial assets after the medium partnered with leading global trading platform eToro, CNBC reported.
Expanding Twitter’s cashtags feature
You can currently view real-time trading data from the platform TradingView on indexes and shares of Tesla and other companies via Twitter’s “cashtags” feature. The user inserts a dollar sign in front of the ticker they are looking for and the app shows price details from TradingView using an API.
The partnership with eToro will expand Twitter cashtags to cover a lot more asset classes and instruments. Users will be able to click a button that says “view on eToro,” which will take them to the exchange’s website.
eToro CEO Yoni Assia told CNBC in an exclusive interview:
As we’ve grown over the past three years immensely, we’ve seen more and more of our users interact on Twitter [and] educate themselves about the markets. There is very high quality, real-time content on financial analysis of companies and what’s happening around the world. We believe this partnership will enable us to reach those new audiences [and] connect the brands of Twitter and eToro better.
Major changes since Musk took over Twitter
The partnership between the social medium and the social trading platform is a notable business deal since Elon Musk took over as CEO. During his brief (up to this point) tenure, Twitter staff dropped from 8,000 to 1,500 in an effort to minimize costs and turn a profit.
His decisions have pushed many advertisers away from Twitter. They are afraid of lowered content moderation standards.
Musk commented that “almost all” advertisers had returned, but at least two have not. Volkswagen and Stellantis have said they did not plan to resume advertising.
Medium becomes a “super app”
Musk’s goal is to transform Twitter into a so-called “super app.” These platforms offer users bundled services, including travel, banking, and instant messaging. Super apps are popular in some Asian countries. Chinese internet conglomerate Tencent uses its WeChat messaging app to provide payment services.
