3 - 4 minute read
In a move that could have far-reaching implications for the trading world, popular social media platform, Twitter, is reportedly set to introduce a new feature that will allow users to trade cryptocurrencies and stocks in partnership with eToro, according to CNBC.
Twitter is one of the most popular social media platforms globally, and focusing on building an ecosystem that could potentially offer users access to a wide range of online services in one place. Twitter is taking this a step further by partnering with fintech firm eToro to enable users to buy and sell cryptocurrencies and other assets directly from the platform.
Twitter’s “cashtags” feature, which currently allows users to view real-time trading data from TradingView, will be expanded to enable Twitter users to browse market charts for a wider variety of financial instruments and purchase and sell crypto as well as other assets through eToro.
This development is significant as traders will now be exposed to a wider range of financial instruments and trading opportunities, and they can do so without having to leave the Twitter platform. In effect, Twitter users will now have direct access to trade in cryptocurrencies and stocks in partnership with eToro.
Twitter CEO Elon Musk had earlier floated the idea of making Twitter an all-in-one app, with a focus on building an ecosystem that would offer users access to a number of online facilities in one place. This new partnership with eToro appears to be a step towards achieving this broader goal.
Traders should pay attention to the development closely as it could have implications on the trading world. While it is still not clear how the new feature will operate and what cryptocurrencies will be supported by the platform, traders should remain alert and be careful when investing in cryptocurrencies.
Additionally, this development could also have far-reaching implications for eToro and its competitors. The move is significant as it gives eToro access to a large audience, which could result in an increase in trading activity on the platform.
The Bottom Line
Twitter’s partnership with eToro to enable users to trade in cryptocurrencies and stocks is a significant development for both companies. Traders should pay close attention to this development as it could lead to more trading opportunities and potentially increased market volatility. At the same time, traders should exercise caution when investing in cryptocurrencies and stocks on this new platform.