X has plans for an in-app trading platform: Report X has plans for an in-app trading platform: Report
There is not yet any indication of whether crypto could be supported — or indeed, whether any partner firms are interested in powering the platform at all.
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Updated: Aug. 4, 2023 at 12:25 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
X, formerly known as Twitter, intends to build an in-app trading hub, business news site Semafor reported on Aug. 3.
The social media company reportedly has sent out requests for proposals to potential partners capable of providing financial content, real-time stock data, and other features. It promises to help those partners reach its hundreds of millions of users.
Notably, those proposals do not offer any payment to partners. According to Semafor, X wants partners themselves to commit funding to the project.
Semafor also noted that it is unclear whether the plans have progressed, writing: “It isn’t clear which firms, if any, submitted proposals, which were due last week.”
X has not yet publicly announced any plans to introduce any such trading feature. Instead, Semafor said that it obtained its information from sources familiar with the matter. Semafor also said that was able to see X’s requests for plans.
X has previously looked to stocks, crypto
There is also no indication of whether X’s trading plans could involve cryptocurrency. However, past developments provide some hints in this area.
X, while it operated under the Twitter brand, introduced certain basic trading features. The company currently integrates price charts from TradingView, which are displayed when users search for a stock ticker. That feature has included certain cryptos, such as Bitcoin (BTC) and Ethereum (ETH), since December 2022.
Twitter additionally partnered with the popular trading app eToro in April 2023 to allow users to purchase stocks and cryptocurrency via a link. However, Semafor’s latest report suggests that this feature has not yet come to fruition.
X’s latest trading plans appear to be part of Elon Musk’s plans to turn the site into an “everything app.” The company also recently obtained money transmitter licenses in line with these plans.
This would allow the firm to support PayPal-like payments — though once again, the company has not publicly announced any such financial service.
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Posted In: Trading
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Mike Dalton
Before transitioning to crypto writing in 2018, Mike studied library and information sciences. Currently, he resides on Canada's West Coast.
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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.
South African-born Elon Musk has founded several companies, including X.com (which later became PayPal), SpaceX and Tesla Motors.
