Social media platform Twitter is said to introduce a new feature that will allow its users to trade stocks and digital assets directly from the app. CNBC reported that Twitter is partnering up with a financial service company eToro to work on the new feature.
The new feature would allow users to scroll through market charts of a wider variety of financial instruments as well as trade digital assets, stocks, and other assets with eToro. The partnership is to expand Twitter's “cashtags” feature, which already allows its users to view the real-time TradingView’s trading data.
When asked about the partnership, a spokesperson of eToro said:
"Twitter has become a really important part of the retail investing community and it’s where a lot of people go to access financial news and acquire knowledge. We think $Cashtags can play a central role in this conversation and they are already gaining a lot of traction."
The new feature can be accessed by a “view on eToro” tab that will redirect users to eToro’s trading platform, which introduced the crypto trading option back in 2019. eToro’s CEO, Yoni Assia, believes that the feature will help Twitter attract a new audience. He also added that the “cashtags” searches have grown to millions.
Since Musk’s 44 billion USD Twitter takeover last year, this is to be the first ever big deal of the social media platform.
In his recent interview, Musk expressed his interest to make Twitter “the biggest financial institution in the world”. He had earlier floated the idea of making a “super app” from Twitter, by building an ecosystem that would offer the users access to multiple online services from the same app.