Twitter to let users trade stock, crypto as Musk forges new partnership with online brokerage firm
Twitter to let users trade stock, crypto as Musk forges new partnership with online brokerage firm
Ever since he sold PayPal, Musk has been fascinated with a do-everything super platform called X.com or simply Platform X. More than anything else, it would be a paymens/digital banking platform that would revolutionise how the world thinks of banking and the social aspects of making online or digital payments.
When he bought Twitter and took it private, many people assumed that Musk planned to build his pet project, Platform X, with Twitter as the stepping stone. And with all the things that have been going on at Twitter recently, it seems that he already has started the process of building the platform.
Twitter to become a bank?
Twitter has now started functioning as a broker or a banker to stock traders and crypto traders. The social media platform has teamed with trading and investment site eToro to provide users with real-time pricing for cryptocurrencies, equities, and other assets, as well as the ability to trade such products.
The trade data will be available through Twitter’s “cashtags” feature, which was launched in 2012 and allows users to engage with material around an asset by adding a dollar sign in front of the ticker.
Twitter cashtags will be expanded to encompass much more securities and asset classes as a result of the eToro relationship, an eToro spokeswoman allegedly told CNBC.
Twitter users will also be able to click a “view on eToro” button to learn more about the asset and decide whether to invest.
“As we’ve grown tremendously over the last three years, we’ve seen more and more of our users interact on Twitter [and] educate themselves about the markets,” eToro CEO Yoni Assia told CNBC.
“There is very high-quality content, real-time content on financial analysis of companies and global events. We think that this collaboration will allow us to reach new audiences and further connect the brands of Twitter and eToro.” the CEO said.
Evolving into Platform X or X.com
Elon Musk, who bought Twitter for $44 billion last year and made a number of modifications, wants to develop the microblogging site into a “super app” that would provide users with services such as instant messaging, banking, and travel.
Also read: Twitter becomes X: See what Elon Musk has done with it
Last month, the billionaire announced his ambition for Twitter to become “the world’s largest financial institution.”
According to a recent court filing, Musk had merged Twitter’s corporate entity, Twitter Inc, to X Corp after combining with a shell business of the same name.
Needless to say, Musk is ahead on full steam to establish X.com or Platform X. Perhaps in a couple of months, or years, Twitter, the platform and the app, will evolve into something much larger than a basic microblogging site.
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