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Twitter Users Can Now Buy and Sell Crypto with eToro Integration
When Elon Musk temporarily changed the Twitter logo to the Dogecoin (DOGE) logo, spurring a quick jump in price for the memecoin, it wasn’t thought of as anything more than a joke. However, Musk’s company has now signed a partnership deal with eToro, one of the most popular retail investor platforms, to bring stocks and digital asset investing directly to the Twitter platform. There will also be other financial instruments available, but being able to buy Bitcoin and Ethereum, among others, through Twitter is a big step.
It all seems to be part of Musk’s plan to make Twitter into a super app that allows users to do far more than participate in social media. The deal with eToro allows Twitter to become a social trading platform in addition to its current uses. Let’s talk more about what this means for both the crypto space and retail investors going forward.
Digital Assets and Investing on Twitter
Twitter has long been a place for trends, and it’s no wonder that investment advice and trends occur on there as well. But now, with this deal with eToro, rather than just seeing a “$cashtag”, users will now be able to click on them to view more information (in addition to being able to view the asset on TradingView, which has been possible for a while now). This will redirect them to eToro’s platform, where they can learn more about the asset they clicked, and invest should they choose to do so. If the user already has an eToro account, they’ll easily be able to trade for the asset they’re looking at without much effort.
Retail investors have been using Twitter for investment trends and advice for some time now, so it makes sense to integrate an ability for them to then buy or sell stocks, crypto, and more. Yoni Assia, the CEO of eToro sees a great match in the partnership, as cashtag searches are in the millions, and Twitter played a big role in the retail investment explosion in 2021.
Social Investing and Trading
eToro has been focused on social investing and trading for some time now. They have copy trading on their site, allowing users to copy successful traders moves, but it’s referred to as social trading. In order to copy trade, users pick a trader who they feel is worth copying, and then copy all of that trader’s moves within the parameters set by the user. They also allow for comments and responses on users’ posts about various investment options, which is the social part of the trading.
It seems fitting that a platform known for their social trading feature would partner with Twitter to in essence crowdsource investment advice while also providing a way to genuinely invest. eToro’s spokesperson said that eToro believes that the future of investing is social investing (seeking advice and ideas from others) and fostering dialogue in large networks, which is what Twitter is great at. The inherent short form and ease of messaging on Twitter also appeals to the majority of their target demographic, which is younger people.
“Twitter is a space for conversation, where networking and interesting financial dialogue take place, eToro is a financial services provider built on the belief that social investing is the part of the future and that we can all do better by investing together and fostering dialogue in large networks”
