Image Credits: Bryce Durbin / TechCrunch
Twitter has partnered with the investment platform eToro to show real-time information about stocks and crypto prices. This expands upon the social network’s Cashtag feature, which provided info about a limited number of stocks and crypto coins through TradingView data.
The social media company first introduced the feature in December, letting users search for a ticker or coin symbol like $TSLA, $APPL or $ETH to get prices directly in search results.
In a tweet announcing the feature, eToro said that users will be able to see the real-time prices for a “much wider range of stocks, crypto, and other assets.”
The new partnership with eToro goes beyond just displaying information. It also redirects users to the eToro site where they can engage in trading. If you search for a stock on Twitter, you will see a button saying “View on eToro,” which redirects to the site.
Notably, when Cashtags were announced in December, Twitter showed a “View on Robinhood button.”
It’s not clear if the trading company is paying any fees to Twitter if a user comes to the platform via Cahstags and completes a transaction. We have asked the company for a comment and eToro said it can’t comment on this commercial agreement with Twitter.
Yoni Assia, eToro’s CEO, told CNBC in an interview the company noticed that a lot of its users are using Twitter to talk about different financial markets. “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,” he told the publication.
“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.”
After Elon Musk took over Twitter, the company had ambitions to become a significant financial player. In November, the Tesla CEO suggested that the social network is building ground for users to send money to each other. He said that in the long term, the company planned to offer a high-yield money market account.
Speaking at the Morgan Stanley conference in March, Musk said Twitter had the potential to become a financial behemoth.
“Basically, I think it’s possible to become the biggest financial institution in the world, just by providing people with convenient payment options. We don’t have the time to go into it in detail here, but if we just make the app more and more useful, people will use it more and it’ll be great,” he said.