Twitter partners with eToro, will allow users to engage with crypto and trade stocks within the platform

Twitter partners with eToro, will allow users to engage with crypto and trade stocks within the platform

Twitter partners with eToro, will allow users to engage with crypto and trade stocks within the platform

Elon Musk, after briefly changing Twitter’s blue bird logo to the Dogecoin logo, has taken a step towards making the platform more “crypto friendly”. Twitter has finalized a partnership with eToro to enable over 450 million of its active users to access crypto trading from within the app. The announcement of this development was first leaked by eToro on Thursday, April 13. With this, Musk shifts Twitter’s focus from just a social networking platform to a more usability-focused all-purpose app.

Based in Tel Aviv-Yafo, Israel, eToro is an online brokerage service. Since its inception in 2007, the platform has provided trading services for traditional assets like stocks. In 2019, it included crypto trading services as part of its offerings. According to Statista, eToro had reached a user base of 28.5 million by March 2022.

As part of its partnership with Twitter, eToro will be part of a new Twitter service called $Cashtags.

“Very excited to launch a new $Cashtags partnership with Twitter that will allow Twitter users to see real-time prices for a much wider range of stocks, crypto and other assets, as well as having the ability to to invest through eToro,” the company said in a Tweeterannouncing the development.

Last year, eToro acquired US options trading platform Gatsby for $50 million (about Rs 400 crore) in cash and common stock to expand its presence in the US market. Its deal with Twitter is expected to swell its user base in the future.

Since acquiring Twitter last year for around $44 billion (roughly Rs. 3,60,133 crore), Musk has introduced a wealth of changes to the platform. Given his personal pro-crypto approach, the billionaire has been very vocal about making Twitter crypto-friendly with new features.

In November 2022, Twitter reportedly filed documents with the US Treasury to obtain approvals to operate as a payment processor not only online, but also for crypto transactions. If Musk’s plans come to fruition, Twitter may soon begin facilitating money transfers as well as crypto-to-fiat currency exchange services.

Twitter first hinted at the launch of $Cashtags in December 2022. At the time, the platform began showing prices and the trajectory of market movements for cryptocurrencies via a simple search of their names.

Musk’s personal support for Dogecoin is also often reflected in his tweets and randomly discussing future plans for Twitter.

Last week, Musk replaced the Twitter logo with the Dogecoin logo, fulfilling a promise made a few years ago to a random Twitter user. The act sent the crypto industry into a frenzy, sending DOGE prices skyrocketing over 22% in just a few hours.


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