Twitter joins crypto industry as an exchange
Twitter enters the crypto space as a crypto exchange next week. For this purpose, the short message service works together with the financial app eToro. In the future, owner Elon Musk wants to transform his company into “X” – a “super app” modeled on WeChat. Customers should be offered a wide range of functions. Today’s Twitter is also meant to climb the ladder of financial services and eventually arrive at the top.
Twitter enters crypto industry as an exchange
Twitter is expanding its scope significantly. Starting next week, the application will offer its users trading in various financial assets, including cryptocurrencies. This decision is apparently based on the will of billionaire Elon Musk himself, who acquired the short message platform in October 2022 after half a year of wild debates.
Bringer of the happy tidings is CNBC . Twitter spokesmen had delivered the information to the US media company. It is currently already possible to find the price of some large funds or companies using the Twitter search function.
To do this, users simply have to use the cash tags. Taking a cue from hashtags, the company introduced this feature in December 2022. Instead of a cross – the hashtag – a dollar sign must be entered in front of the term of choice.
So if you enter $TSLA, the Tesla share price will appear at the top. Only the daily trend can currently be seen. It is therefore obvious that Twitter not only offers cryptocurrencies, but also securities. The offer is provided in cooperation with the Israeli company eToro. Price data is from TradingView. A spokesman for eToro announced that this function will be significantly expanded in the future.
Musk wants to make Twitter the super app
Musk wants to make Twitter a so-called “super app”. What is meant is an application that people can use for a wide variety of purposes. The idea can be compared with the Chinese app WeChat, for example .
There, users can, among other things, write messages to acquaintances, get to know people, order food or do video streaming. WeChat also serves as an interface for payments – comparable to Google Pay and Apple Pay.
A first indication that Musk is serious about implementing this idea is the renaming of the Twitter parent company to X Corp. Even before buying Twitter, Musk wrote that the acquisition would accelerate his desire to create “X” – the app for everything.
What cryptocurrencies are offered?
It is currently unclear which cryptocurrencies Twitter will offer. It is conceivable that the eToro offer will be passed on completely to its own users. The financial app currently offers six different cryptocurrencies:
Bitcoin , Bitcoin Cash, Ethereum , Litecoin, Stellar and Tron. Musk told Morgan Stanley that he wants to make Twitter the largest financial application on earth. It is therefore obvious that this offer will be significantly expanded over time.
For comparison: Industry leader Binance currently offers 385 different cryptos. This puts the crypto exchange only in the middle.