Twitter has rolled out a service that allows users to view the price of crypto and other assets in-app via a partnership with trading platform eToro, CNBC announced Thursday.
eToro’s real-time prices for crypto, stocks, and more can be found in-app through a new service called $Cashtags, reportedly rolling out on Thursday. However, in order to trade assets, users must click on a ‘view on eToro’ tab which will take them to the trading platform’s website, CoinTelegraph reported before the news was confirmed by eToro.
The announcement is part of Twitter chief Elon Musk’s plans to hike-up monetization through creating a “super app” — a one-stop shop and platform catering to the many facets of its varied audience. Specifically, Musk aims to integrate payment services and financial tools.
The cryptocurrency and finance industries are key audiences for such a roll-out, as they actively rely on Twitter for real-time information. However, communities like crypto have been skeptical of Twitter’s ability to meet their online needs. Bugs and irregularities have plagued the app for months, ever since Musk significantly reduced the company’s staff and left a skeleton crew to maintain operations.
Twitter deal gives eToro chance to recoup stalled growth
The partnership with Twitter is a needed windfall for Israeli-based eToro. The trading network generated $631 million during the financial year of 2022 — a steep drop of -47% from $1.2 billion in 2021. Its assets under administration (AUA) halved to $5.8 billion in Q4 2022, from $10.7 billion in the same quarter of 2021.
Notably, the amount of trading commissions eToro earned from cryptocurrency trading also nearly halved in 2022, from nearly two-thirds of all commissions in 2021 to just 19% last year.
Following the release of its annual financial report, eToro chief finance officer Meron Shani said, “At eToro we need no reminder that markets are cyclical.” The CFO further assured users it wasn’t impacted “by the liquidity concerns which plagued many in the crypto industry.”
The company’s plans to go public were quashed last year, despite lowering its SPAC valuation to $8.8 billion, due to changing market conditions.
However, eToro’s user base has grown since last year, from 27 million total users to 31.4 million.