Twitter is set to launch a new feature that will allow its users to access stocks, cryptocurrencies and other financial assets through a partnership with fintech company eToro.
The partnership will focus on expanding Twitter's cashtag to include more instruments and asset classes, according to an eToro spokesperson.
According to a CNBC report, the social media company led by Elon Musk plans to allow users to view market charts on an expanded range of financial instruments and buy and sell stocks and other assets from eToro. This will expand the existing "cashtag" feature, which currently includes real-time trading data from TradingView on index funds such as the S&P 500 as well as stocks of some companies such as Tesla.
Yoni Assia, CEO of eToro, commented
“As we've grown rapidly over the past three years, we've seen more and more of our users interact on Twitter and talk about the market. There is very high-quality, real-time content about company financial analysis and what's happening around the world. We believe this partnership will allow us to reach new audiences by better connecting the Twitter and eToro brands.”
Musk was previously reported to be going ahead with his plans for Twitter payments. Therefore, the CEO instructed the developer of the social media platform to design its payment system so that crypto functions can be added in the future.
Initially, the payment system will accept fiat currencies and crypto payments will be integrated when the opportunity arises.
The company has applied for state regulatory licenses across the United States to be eligible to bring payments into its infrastructure. It had already registered with the US Treasury as a payment processor in November last year.
