Twitter, the popular social networking platform, has reached an agreement with the eToro exchange to allow Twitter users to trade cryptocurrencies and stocks. This comes just after Elon Musk took a move toward making Twitter more ‘crypto friendly’ by briefly replacing the blue bird logo with the Dogecoin logo. This development was initially announced by eToro on Thursday, April 13. Musk is transforming Twitter from a social networking site to more usable multipurpose software.
With the cooperation between Twitter and eToro, Twitter users now enjoy an additional benefit. Through the agreement, customers may examine real-time trading data from TradingView. On a much wider range of instruments and asset classes than just index funds like the S&P 500 and shares of specific firms like Tesla. Users can enter a dollar sign in front of a ticker symbol while searching for it on Twitter using the “hashtags” function, and the app will then use an API to display pricing data from TradingView. Customers also have the choice to click on a “view on eToro” button, which takes them to the business’ website and grants access to its platform for buying and selling assets.
Yoni Assia, CEO of eToro, told CNBC in an interview: “As we’ve expanded significantly over the past three years, we’ve observed an increase in the number of our users interacting on Twitter and learning about the markets.”
“Financial analyses of firms and worldwide events are provided in real-time with very high-quality content. We are convinced that this collaboration will assist us in entering new areas and strengthening the links between the Twitter and eToro brands.
Twitter Makes it Simple to Transmit Crypto
Since Elon Musk assumed control of the company as CEO and acquired it for $44 billion a year ago, the alliance represents a unique and significant economic arrangement for Twitter.
Elon Musk discussed the potential for making Twitter a significant participant in the financial sector after becoming more active on social media sites. He proposed that Twitter might make it simple for users to transmit money to one another and, in the future, perhaps even provide a high-yield savings account.
Musk disclosed his audacious goal of Twitter becoming the largest financial institution in the world when he addressed it at a conference in March. He believes that by enhancing the functionality of the software, more people will use it and it will become highly popular. Musk’s creative ideas have surely piqued people’s curiosity about Twitter’s potential to become a financial behemoth, even though we don’t yet have all the details.
Does eTtoro Allow Users to Trade CFDs?
eToro, a brokerage company founded in 2007, is a multi-asset platform that enables users to trade CFDs as well as stocks and crypto assets. The fact that it is governed by two tier-1 and one tier-2 jurisdictions makes it recognized as a secure alternative for FX and CFD trading. For novice and casual investors, it is a great option thanks to its user-friendly mobile app and web platform. As a multi-asset broker, eToro offers access to more than 3,000 symbols and is always growing its market scope. In the EU, the UK, and Australia, eToro additionally provides indemnity insurance up to EUR 1 million per client.
In February 2021, Elon Musk, the CEO of Tesla, made a substantial $1.5 billion investment in Bitcoin. A few months later, the company decided to keep 25% of its Bitcoin hoard while selling off the other 75%.
Musk has consistently demonstrated a strong interest in incorporating finance and cryptocurrencies into social media platforms, especially Twitter. When talking about a possible takeover of the platform last year, he said that Twitter might develop into a “super app” by learning from China’s WeChat. He praised the software, adding that it had a fantastic user experience and is similar to Twitter, PayPal, and several other services all in one.
Through the recent rebranding of Twitter as X Corp, Musk has come a critical step closer to realizing his vision. He combined the business with a newly established shell company and tweeted about his plans to launch “X,” which he describes as an all-encompassing “everything app.”
Some experts remain skeptical about his chances of success. as Musk is determined to integrate e-commerce and payments into Twitter to create a “super app” that combines social media with finance as stated above.
Analysts have pointed out the difficulties of this task, with larger peers such as Alphabet and Meta struggling. They will create an “everything app” that consumers can use seamlessly. Mandeep Singh, an analyst for Bloomberg Intelligence, suggests that Musk could create a parent structure, similar to Alphabet, to encompass all his companies.
Conclusion
However, according to Assia, the CEO of the trading app eToro, “Fintwit” or financial Twitter, has already gained popularity as a go-to source for breaking news and updates on stocks and other assets. In the past, Musk has even collaborated with Twitter’s team to develop a stock market data tool, suggesting he has some experience in this area.
It remains to be seen how Musk will bring his vision of an “everything app” to fruition, but he has already cut Twitter’s headcount drastically from 7,500 to 1,500 to reduce costs.
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