Twitter To Allow Users Trade Crypto, Stocks On Platform
Microblogging platform, Twitter has partnered with social trading and investing network, eToro to allow users to trade cryptocurrencies, stocks, and other assets.
Twitter users will now be able to see real-time prices for a wider range of stocks, assets, and cryptocurrencies when they use the new $Cashtags feature.
This was announced by eToro in a press statement on Thursday.
“We are so excited to announce our partnership with @Twitter & @TwitterBusiness to help further financial education for everyone. Twitter users can now see real-time prices for a wide range of stock, crypto & other assets as well as having the option to invest through eToro,” the tweet read.
The new feature will roll out on Thursday.
According to the statement, Twitter added the $Cashtags feature in December 2022 and the feature has since grown in popularity, garnering over 420 million searches since the start of this year.
There are on average 4.7 million $Cashtag searches a day with activity increasing around prominent earnings announcements, e.g. on 2 February 2023, when Apple released its Q4 22 earnings, $cashtag searches hit 8 million. The most commonly used $Cashtag was $TSLA (Tesla), with $SPY (SPDR S&P 500 ETF) and $BTC (Bitcoin) also ranking in the top 5(1).
In the statement, the CEO and Co-Founder of eToro, Yoni Assia, said “Financial content on social media has provided education to many who have felt excluded by more traditional channels. Twitter has become a crucial part of the retail investing community – it’s where millions of ordinary investors go every day to access financial news, share knowledge, and converse.
“As the social investing network, eToro was built on these very principles – community, knowledge-sharing, and better access to financial markets. There is power in shared knowledge and by transforming investing into a group endeavour, we can yield better results and become more successful, together.”
Twitter’s Vice President of Global Sales & Marketing, Chris Riedy, added that the company is pleased with the partnership and is looking to provide Twitter users with additional market insights and greater access to investment capabilities.
“Twitter is what’s happening and what people are talking about right now. We believe real change starts with conversation and finance and investing are a growing part of that conversation. We are pleased to partner with eToro to provide Twitter users with additional market insights and greater access to investment capabilities. Twitter will continue to invest in growing the #FinTwitter community,” he said.