Twitter has announced a new partnership with eToro, a social trading company, which will allow its users to access stocks, cryptocurrencies, and other financial assets.
The new feature, which was launched today, will enable users to buy and sell assets on the eToro platform through Twitter’s “cashtags” feature.
Expanding cashtags
Twitter’s “cashtags” feature currently allows users to view real-time trading data from TradingView on index funds and shares of some companies, such as Tesla.
However, the new partnership with eToro will expand the feature to cover a wider range of financial instruments and asset classes, according to an eToro spokesperson.
Users will be able to view market charts on a broader range of financial instruments and access the eToro platform to buy and sell assets through the popular social network.
The “view on eToro” button will take users directly to eToro’s website, where they can carry out transactions. eToro uses TradingView as its market data partner.
Twitter and eToro: A perfect match
Yoni Assia, CEO of eToro, told CNBC in an exclusive interview that the partnership with Twitter is a perfect match.
He noted that the social networking site has become a crucial platform for the retail investing community, providing real-time content on financial analysis of companies and what’s happening around the world.
Assia highlighted the popularity of “Fintwit,” or financial Twitter, and how the platform was a key platform involved in the boom in retail trading in 2021.
He believes that the partnership will enable eToro to reach new audiences and better connect the brands of Twitter and eToro.
The eToro partnership marks a rare business deal for Twitter since Elon Musk took over as CEO after buying the platform for $44 billion last year.
Under Musk’s leadership, Twitter has cut staffing sharply, taking its headcount down from 8,000 to 1,500 when he took over to reduce costs and reach profitability.
However, his actions have spooked advertisers, with many brands leaving the platform due to concerns that its content moderation standards would slip.
Despite this, Musk announced on Wednesday that “almost all” advertisers had returned to the app. Nonetheless, Stellantis and Volkswagen, which paused advertising on Twitter, said they do not yet plan to resume advertising.
