Israeli online trading platform eToro has teamed with Twitter to launch $Cashtags so that Twitter users can see real time prices for a wide range of stocks, cryptocurrencies and other assets. For some time Twitter owner Elon Musk has been unofficially promoting the social media network as a trading platform.
By encouraging users to engage in trading activities, Musk is striving to make the social media network into a super application that can undertake additional activities beyond the realm of social media.
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Twitter users searching using a $Cashtag symbol, which was first launched in December 2022, currently see live price charts for a select few financial assets. Following the launch of the eToro partnership, the list of $Cashtags that produce live price charts will be hugely expanded, while users will now also be able to click through to the eToro platform to see more information on the asset including graphs of the shares performance and market cap, and have the option to invest. The partnership will cover $Cashtags representing a wide range of instruments on the eToro platform, from stocks and ETFs to crypto and commodities.
This is an important partnership for eToro, which has been through a difficult year in which it was forced to cancel its SPAC merger and Wall Street listing due to the difficult market conditions and it reported a major fall in revenue from cryptocurrency trading. At the same time eToro announced that it had raised $250 million in a financing round that began in 2021.
eToro cofounder and CEO 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 endeavor, we can yield better results and become more successful, together.”
Published by Globes, Israel business news – en.globes.co.il – on April 13, 2023.
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