Twitter partners with eToro to allow users buy crypto, stocks Twitter partners with eToro to allow users buy crypto, stocks
Twitter has partnered with eToro to allow its users access stocks, cryptocurrencies, and other financial assets.
2 min read
Updated: Apr. 13, 2023 at 10:52 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Twitter has partnered with eToro to allow its users access stocks, cryptocurrencies, and other financial assets, CNBC reported on April 13.
According to the report, the new feature will be rolled out later today and will advance Twitter’s current cashtag feature.
eToroโs CEO and founder Yoni Assia confirmed the partnership on Twitter. Assia reportedly said:
“There is very high quality content, real-time content on financial analysis of companies and whatโs 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.”
Since Elon Musk’s acquisition of Twitter, there have been increased speculations that he would turn the social media site into a financial application.
Elon Musk’s Twitter everything app drive
Elon Musk took another step in his vision to make Twitter an everything app by merging it into X Corp, bringing an end to Twitter Inc.
The merger was formalized in an April 4 filing in federal court and Musk made reference to it in a tweet.
The billionaire has been talking about the idea of an app where people can do everything โ similar to China’s WeChat. At the time of acquiring Twitter in 2022, he described the purchase as โaccelerant to creating X, the everything app.โ
In a Morgan Stanley conference last month, Musk stated that the goal is for the app to โbecome the biggest financial institution in the world.โ
It will be an app where users can transfer funds and earn interest on their money, he added.
Muskโs obsession with WeChat is understandable given that most social media platforms depend heavily on ad revenue โ something that an everything app like WeChat has been able to avoid.ย
Twitter revenue has taken a hit in recent months as businesses reduce their ad spending on the platform. With the company struggling to achieve profitability, internal valuations have dropped to $20 billion โ less than 50% of what Musk paid for it.
But Musk believes that Twitter can be valued at more than $250 billion once it ventures fully into finance.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
X
X (formerly Twitter) is an American social media company based in San Francisco, California, that was founded by Jack Dorsey, Noah Glass, Biz Stone, and Evan Williams in March 2006 and was launched July of the same year.
eToro is the worldโs leading social trading platform, offering a wide array of tools to invest in the capital markets.
South African-born Elon Musk has founded several companies, including X.com (which later became PayPal), SpaceX and Tesla Motors.