Twitter has announced a new partnership with eToro, a social trading app, allowing users to view market charts and trade stocks, cryptocurrencies, and other assets directly through the platform. This move comes as part of Twitter’s CEO, Elon Musk’s vision to transform Twitter into a super app that offers a wide range of services, including decentralized social media, micropayments, gaming, food deliveries, ride-sharing, and shopping, all within one app.
Yoni Assia, CEO of eToro, expressed excitement about the partnership, stating that Twitter provides a platform for users to educate themselves about the markets and access real-time financial analysis. She further asserted that this collaboration aims to connect the brands of Twitter and eToro, reaching new audiences and expanding the offerings for users.
The partnership also aligns with Twitter’s recent filings and plans to introduce a payment system on the platform. Twitter has merged with a shell company called X Corp, according to recent filings, and is reportedly investing millions in an artificial intelligence (AI) project for the platform. Elon Musk has previously hinted at incorporating payment functionalities into Twitter, and the payment system is expected to initially support fiat currencies, with the potential to accommodate cryptocurrencies in the future.
In fact, leaked images in December revealed “Twitter Coins,” a digital asset in development that could be used for payments and tips on the platform. Although recent leaked images did not mention cryptocurrencies, there have been rumors about Twitter working on a wallet prototype to support crypto deposits and withdrawals. The company has also begun the process of applying for state-based regulatory licenses in the US to introduce payments to the platform, with hopes of completing the licensing process within a year.
Elon Musk’s involvement in the cryptocurrency market has also been a topic of speculation. Recently, he changed his Twitter icon to that of Dogecoin (DOGE), a meme coin, leading to a sudden surge in its price. Some critics, like Bitcoin purist Jimmy Song, have accused Musk of manipulating the market for his own financial gain. However, supporters of DOGE argue that it is a legitimate cryptocurrency with a promising future.
The partnership between Twitter and eToro, along with Twitter’s plans for a payment system and Musk’s involvement in the cryptocurrency market, could have implications for the metaverse and the broader crypto sector. With Twitter aiming to become a super app that offers a wide range of services, including trading stocks and crypto, it could potentially attract more users and increase adoption of cryptocurrencies. It may also provide more opportunities for investors and traders to access financial markets directly through social media platforms, potentially reshaping the landscape of online trading.
However, there are also concerns about the potential risks and challenges associated with trading on social media platforms. It raises questions about regulatory oversight, investor protection, and the potential for misinformation or manipulation. As Twitter and eToro roll out these features, it will be important for users to exercise caution, do their research, and understand the risks involved in trading financial assets.