Cryptocurrencies and stocks will soon be available for purchase via Twitter. This is the result of a partnership that Elon Musk’s company is undertaking with brokerage eToro. Given the portal’s reach, cryptocurrency adoption could explode.
Giants join forces, and the crypto sector will benefit
Twitter, the popular social media platform, plans to introduce a new feature that will allow users to trade cryptocurrencies and stocks. CNBC reports that the feature will be launched in partnership with fintech company eToro.
The new functionality will allow Twitter users to view market charts for various financial instruments and buy and sell cryptocurrencies and other assets. The partnership between the social platform and the fintech company will expand Twitter’s “cashtags” feature, which currently allows users to view real-time trading data from TradingView. According to an eToro spokesperson:
“Twitter has become a very important place for retail investors who are looking for financial news and knowledge. We believe that ‘cashtags’ can play an important role in this regard and are already gaining a lot of popularity.”
To take advantage of the new financial features, users will be able to click the “view on eToro” tab, which will take them to the trading platform. The fintech company, founded in 2007, enabled cryptocurrency trading as early as 2019.
Twitter has become a gateway for investing in stocks and cryptocurrencies
The CEO of eToro, Yoni Assia, did not hide his enthusiasm, pointing out that the partnership perfectly combines the skills of both companies and will attract new users to the platform.
Assia noted that Twitter has an important role in the trends that played a key role in retail in 2021. Searches for “cashtags” have grown to millions, highlighting the platform’s importance in the financial world. On the other hand, Musk in a recent interview expressed his wish for Twitter to become “the largest financial institution in the world.”
Super app an opportunity for XRP?
Elon Musk has previously spoken out about his plans for Twitter, saying he wants to make it a “super app.” The goal is to create an ecosystem that would allow users to use several online services in one place. The idea is popular in China, where such apps function as a gateway to many consumer needs in daily life. One example is WeChat, which offers instant messaging, social media, travel and hotel reservations, banking services and more.
At the same time, market analysts note that these partnerships could be a great opportunity for XRP. After all, the authorities of Ripple live in a very good relationship with the authorities of eToro, which enables XRP trading on its platform. While the SEC vs. Ripple litigation is still ongoing, and XRP trading on many exchanges has been halted for more than two years, there is a good chance that with Twitter and eToro joining forces, volumes of the coin will increase.