Israeli online trading platform eToro Teamed up with Twitter to launch $Cashtags so Twitter users can see real-time prices for a wide range of stocks, cryptocurrencies, and other assets. For some time now, Twitter owner Elon Musk has been unofficially promoting the social network as a trading platform.
By encouraging users to engage in trading activities, Musk strives to turn the social network into a super app that can carry out additional activities outside of the realm of social media.
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Twitter users searching using the $Cashtag symbol, which first launched in December 2022, are currently seeing live price charts for select financial assets. Following the launch of the eToro partnership, the list of dollar money signs that produce live price charts will be greatly expanded, while users will now also be able to click through to the eToro platform to see more information about the asset including charts of stock performance and market capitalization, and have the option to invest. The partnership will cover $Cashtags which represent a wide range of instruments on the eToro platform, from stocks and ETFs to cryptocurrencies and commodities.
This is an important partnership for eToro, which had a difficult year in which it had to cancel its SPAC merger and listing on Wall Street due to difficult market conditions and reported a significant drop in revenue from cryptocurrency trading. At the same time, eToro announced that it has raised $250 million in a funding round that will begin in 2021.
eToro Co-Founder and CEO Yoni Asia said, “Financial content on social media has provided education to many who felt left out by traditional channels. Twitter has become an important part of the retail investment community – millions of everyday investors go every day to access To financial news, share knowledge, and talk.As a social investment network, eToro is built on these same principles – community, knowledge sharing, and better access to financial markets.There is strength in shared knowledge and by turning investing into a collective endeavour, we can achieve 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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