Twitter first announced $Cashtags feature in December 2022
It only showed prices of crypto assets via a quick Twitter search
Now it will let users trade in crypto from within Twitter itself
Elon Musk aims make Twitter a financially reliable platform
Photo Credit: Reuters
Elon Musk, after briefly changing Twitter's blue bird logo with the Dogecoin logo, has taken a step towards making the platform more ‘crypto friendly'. Twitter has finalised a partnership with eToro to enable over 450 million of its active users to access crypto trading from within the app. The announcement of this development was disclosed first by eToro on Thursday, April 13. With this, Musk is shifting Twitter's purpose from being just a social networking platform to a more useability-driven multipurpose app.
Headquartered in Israel's Tel Aviv-Yafo, eToro is an online brokerage service. Since its inception in 2007, the platform has been providing trading services for traditional assets like stocks. In 2019, it included crypto trading services as part of its offerings. As per Statista, eToro had reached a userbase of 28.5 million around March 2022.
Under its partnership with Twitter, eToro will be part of a new Twitter service called $Cashtags.
“Very excited to be launching a new $Cashtags partnership with Twitter which will enable Twitter users to see real-time prices for a much wider range of stocks, crypto, and other assets as well as having the option to invest through eToro,” the company said in a tweet, announcing the development.
Last year, eToro acquired US-based options trading platform Gatsby for $50 million (roughly Rs. 400 crore) in cash and common stock in order to expand its presence in the US market. Its deal with Twitter is expected to swell up its userbase in the coming time.
Since acquiring Twitter last year for around $44 billion (roughly Rs. 3,60,133 crore), Musk has been introducing a profusion of changes to the platform. Given his personal pro-crypto approach, the billionaire has been very vocal about making Twitter crypto friendly with newer features.
In November 2022, Twitter reportedly filed papers with the US Treasury to bag approvals to function as a payment processor for not just online, but also for crypto transactions. If Musk's plans do materialise, Twitter could soon begin facilitating money transfers as well as crypto-to-fiat currency exchange services.
Twitter first hinted at the launch of $Cashtags in December 2022. At the time, the platform had started showing the prices and market movement trajectory for cryptocurrencies via a simple search of their names.
Musk's personal support for Dogecoin also often reflects in his tweets and randomly discussed future plans for Twitter.
Last week, Musk replaced the Twitter logo with the Dogecoin logo fulfilling a promise made some years ago to a random Twitter user. The act stirred frenzy in the crypto sector, shooting DOGE prices up by over 22 percent in just a few hours.
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