eToro, a leading social trading and investing network, announced its partnership with Twitter to integrate real-time asset prices into the social media platform's $Cashtags feature.

The new feature means Twitter users will get direct access to trading from the social platform owned by Elon Musk, whose recent actions suggest he wants to move the app closer to the financial industry.

Twitter and eToro Announce New Partnership

With this collaboration, Twitter users can quickly access up-to-date prices for stocks, ETFs, commodities and cryptos by simply searching using a $Cashtag symbol. This partnership aims to provide a seamless experience for Twitter users, enabling them to click through to the eToro platform for more comprehensive information on the asset and the option to invest.

Yoni Assia, CEO and Co-Founder of eToro, highlighted the importance of social media in democratizing financial education.

“Twitter has become a crucial part of the retail investing community – it’s where millions of ordinary investors go every day to access financial news, share knowledge and converse,” eToro’s CEO commented.

Assia emphasized that eToro was founded on the principles of community, knowledge-sharing, and increased access to financial markets. The partnership with Twitter aims to harness the power of shared knowledge to yield better results and facilitate group investing.

JUST IN: Twitter partners with eToro to enable users to trade #crypto and stocks, CNBC reports.

— Crypto Trends (@CryptoTrends) April 13, 2023

Growing Popularity of $Cashtags on Twitter

Since introducing pricing data for $Cashtags in December 2022, the feature has experienced widespread adoption. With over 420 million searches for $Cashtags since the beginning of 2023, there are an average of 4.7 million searches daily. Activity tends to increase around significant earnings announcements, such as when Apple released its Q4 2022 earnings on 2 February 2023, prompting 8 million $Cashtag searches.

“Twitter is what’s happening and what people are talking about right now,” Chris Riedy, Vice President of Global Sales & Marketing at Twitter commented. “We believe real change starts with conversion and finance and investing is a growing part of that conversation.”

Some of the most commonly used $Cashtags include $TSLA (Tesla), $SPY (SPDR S&P 500 ETF), and $BTC (Bitcoin). This increased usage of $Cashtags is indicative of the growing trend of financial discourse on Twitter, with a recorded 498 million global tweets about business and finance in the first 90 days of 2023. Notably, 65% of these tweets originated from users aged 18-34.

Riedy shared his excitement about collaborating with eToro, stating that the alliance aims to provide users with enhanced market insights and increased investment opportunities. Furthermore, the company plans to continue supporting the expansion of the #FinTwitter community.