‘FinTwit’ is Here: Twitter’s 350M+ Users Can Now Trade Stocks and Crypto
Twitter users will soon be able to buy and sell stocks and cryptocurrencies thanks to the social media company’s newly announced partnership with the social trading platform eToro. The new feature will give more than 350 million Twitter users access to up to 80 cryptocurrencies listed on eToro.
Twitter Teams Up With eToro to Bring Stocks and Crypto Trading to Over 350M Users
Twitter is reportedly rolling out a new feature Thursday that would enable more than 350 million users to trade stocks and crypto directly through a partnership with investing platform eToro. The new feature, which is set to debut on the Twitter app on Thursday, will allow users to access market charts of a broad range of financial securities, buy, sell, and trade stocks and crypto supported by eToro, Twitter told CNBC.
eToro offers up to 80 cryptocurrencies, though some restrictions may apply based on user jurisdiction.
“There is very high quality content, 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 better the brands of Twitter and eToro.”
The move aligns with Elon Musk’s idea of turning the social media app into one “super app” after taking the company private in a $44 billion deal last year. Reports from earlier this year revealed that Twitter was actively seeking regulatory approval for its Payment System across the US. The company’s payment system was initially intended to be fiat-focused, but Musk hinted at plans also to add crypto functionality.
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Twitter’s “Cashtags” Function to be Expanded Significantly
For some time, it has been possible to view live market data on Twitter via market chart provider TradingView. But Twitter’s partnership with eToro is expected to expand the platform’s “cashtags” functionality and make it more comprehensive.
Currently, Twitter users can access trading data from TradingView on popular index funds such as S&P 500, as well as some individual stocks and cryptocurrencies. With the new feature, a button that says “view on eToro” will be added to the platform, and clicking on it will take users through to eToro’s site, where they can trade assets.
Editorial Update (13th April, 2023, 6:16 AM EST): The article was expanded to add more context and provide more details.
Given its broad user base, do you think Twitter could become a mainstream crypto trading platform? Let us know in the comments below.