Twitter is all set to roll out a new feature enabling its users to access stocks, cryptocurrencies, and other financial assets through a partnership with the fintech company eToro.
The collaboration will focus on expanding Twitter cashtags to cover far more instruments and asset classes, as per an eToro spokesperson.
According to a CNBC report, the Elon Musk-led social media giant plans to allow users to view market charts on an expanded range of financial instruments and buy and sell stocks and other assets from eToro. This would expand on the already existing “cashtags” feature, which currently includes real-time trading data from TradingView on index funds like the S&P 500 as well as shares of some companies such as Tesla.
Following the development, Yoni Assia, eToro’s CEO, commented
“As we’ve grown over the past three years immensely, we’ve seen more and more of our users interact on Twitter (and) educate themselves about the markets. 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 latest integration aligns with Musk’s master plan for shaping Twitter into an “everything app.” Earlier this week, the billionaire executive changed the corporate name of Twitter to X Corp after merging with a shell company with that name.
Musk was previously reported to be pushing forward his plans for Twitter payments. As such, the CEO directed the developers of the social media platform to design its payment systems so that crypto-functionality can be added in the future.
Initially, the payment systems will be laid out for fiat currencies, and the crypto payments will be integrated when the opportunity arises.
The company has applied for state regulatory licenses across the United States to become eligible to bring payments into its infrastructure. It had already registered with the US Treasury as a payment processor in November last year.