Tag: etoro

Twitter Partners With eToro, Will Let Users Engage With Crypto, Trade Stocks Within Platform

Elon Musk, after briefly changing Twitter’s blue bird logo with the Dogecoin logo, has taken a step towards making the platform more ‘crypto friendly’. Twitter has finalised a partnership with eToro to enable over 450 million of its active users to access crypto trading from within the app. The announcement of this development was disclosed first by eToro on Thursday, April 13. With this, Musk is shifting Twitter’s purpose from being just a social networking platform to a more useability-driven multipurpose app.

Headquartered in Israel’s Tel Aviv-Yafo, eToro is an online brokerage service. Since its inception in 2007, the platform has been providing trading services for traditional assets like stocks. In 2019, it included crypto trading services as part of its offerings. As per Statista, eToro had reached a userbase of 28.5 million around March 2022.

Under its partnership with Twitter, eToro will be part of a new Twitter service called $Cashtags.

“Very excited to be launching a new $Cashtags partnership with Twitter which will enable Twitter users to see real-time prices for a much wider range of stocks, crypto, and other assets as well as having the option to invest through eToro,” the company said in a tweet, announcing the development.

Last year, eToro acquired US-based options trading platform Gatsby for $50 million (roughly Rs. 400 crore) in cash and common stock in order to expand its presence in the US market. Its deal with Twitter is expected to swell up its userbase in the coming time.

Since acquiring Twitter last year for around $44 billion (roughly Rs. 3,60,133 crore), Musk has been introducing a profusion of changes to the platform. Given his personal pro-crypto approach, the billionaire has been very vocal about making Twitter crypto friendly with newer features.

In November 2022, Twitter reportedly filed papers with the US Treasury to bag approvals to function as a payment processor for not just online, but also for crypto transactions. If Musk’s plans do materialise, Twitter could soon begin facilitating money transfers as well as crypto-to-fiat currency exchange services.

Twitter first hinted at the launch of $Cashtags in December 2022. At the time, the platform had started showing the prices and market movement trajectory for cryptocurrencies via a simple search of their names.

Musk’s personal support for Dogecoin also often reflects in his tweets and randomly discussed future plans for Twitter.

Last week, Musk replaced the Twitter logo with the Dogecoin logo fulfilling a promise made some years ago to a random Twitter user. The act stirred frenzy in the crypto sector, shooting DOGE prices up by over 22 percent in just a few hours.

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Crypto Second Most-Widely Possessed Financial Asset for Women After Cash: Report

Cryptocurrency has emerged as a sector that has begun attracting investments from a large group of women from around the world. In a new report, eToro has said that cryptocurrency is the second most-widely possessed financial asset for women, right behind cash. In the last two quarters of the year 2022 — between July and December — women’s possession of crypto holdings spiked from 29 percent to 34 percent. In the same time frame, the investments in crypto from males rose by just one percent.

The Israeli online brokering platform onboarded 10,000 participants from a total of thirteen nations as part of its Retail Investor Beat survey.

“Crypto is succeeding where traditional financial markets have sometimes failed,” CoinTelegraph said, citing eToro’s report.

The risen involvement of women in the crypto sector, was recently highlighted and acknowledged by Indian exchanges CoinSwitch Kuber and WazirX as well.

As per CoinSwitch, women users from India accounted for eight percent of the total transactions it recorded last year.

WazirX, in its findings, claimed that Indian women have been choosing ‘blue chip tokens’ that are perceived to reach higher values in the long run with better liquidity values.

Despite cryptocurrencies not having remained in the best of their health in recent months, the sector did welcome a significant number of entrants.

Last year, on a quarter-on-quarter basis, overall crypto holdings grew from 36 percent to 39 percent despite the industry having undergone major turbulence.

Along with women investors, retail investors are also hopping onboard the crypto wagon. Crypto holdings by retail investors aged between 35 and 54 also grew by ten percent last year.

As for eToro, in August it acquired options trading platform Gatsby in a bid to expand its presence and crypto services in the US. The deal was finalised for $50 million (roughly Rs. 400 crore) in cash and common stock.

Headquartered in Israel’s Tel Aviv, eToro started in 2007 as a fintech firm that shifted focus towards the crypto sphere as its business evolved.

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