Twitter and eToro team up to offer stocks and crypto on platform, giving users real-time access to financial assets.
The story was first reported by CNBC before being confirmed by eToro’s official Twitter account.
This latest move by Twitter is in line with CEO Elon Musk’s vision of transforming Twitter into an all-in-one app. Musk wants crypto-functionality on Twitter payments, and eToro partnership is a step toward the goal.
Yoni Assia, CEO of eToro, believes that this collaboration will help his company connect better with Twitter’s users and audiences. Users can access real-time prices for various assets and invest through the eToro platform.
From April 13th, Twitter users can invest in various financial assets via eToro, benefiting both companies. Twitter’s offerings will expand with eToro gaining access to its user base.
Twitter has been making significant changes in recent months, with the company renaming itself X Corp after merging with a shell company with that name. Twitter seeks to diversify revenue beyond ads with eToro partnership.
As the world increasingly turns towards digital assets, this partnership could position Twitter and eToro as leaders in the space.
eToro’s earnings from crypto trading nearly halved in 2022
According to eToro’s financial report for the year 2022, the amount of trading commissions made from cryptocurrency trading decreased dramatically. eToro generated roughly two-thirds of its commissions in 2021 from cryptocurrency trading.
Last year, though, that percentage plummeted to 19%. Meron Shani, CFO of eToro, admitted that markets are cyclical and reassured consumers that the company was unaffected by the liquidity concerns that plagued many in the crypto sector.
eToro planned to go public with a lower SPAC merger of $8.8B in 2022 but couldn’t due to changing market conditions.
However, the company’s user base has continued to expand, growing from 27 million to 31.4 million members.
