Twitter collaborates with eToro on stock and cryptocurrency trading
In order to give users access to real-time information about stocks, commodities, cryptocurrencies, and other investments, Twitter has partnered with eToro. Due to regulatory restrictions, Canadians will not be able to execute trades on the eToro website. eToro supported 2,500 Canadian accounts before ceasing operations in Canada in 2018.
eToro, a platform that makes it easier to buy securities, and Elon Musk, the owner and CEO of Twitter, have announced a partnership. This collaboration builds upon the '$Cashtag' function of the microblogging platform, which makes use of TradingView data to present financial data on a select few stocks and digital assets. $TSLA, $SPY, and $BTC round out the top five most popular $Cashtags. The intention, according to eToro, is to eventually expand the scope of the plan beyond just American stocks.
Twitter and eToro have partnered to give Twitter users access to more investment tools and market information. Financial content on social media has educated many people who have felt excluded by more traditional channels, according to Yoni Assia, chief executive and co-founder of eToro.
Several investing platforms declined to comment on the news, but Zoe Gillespie cautioned investors against combining social media with investing. Increased investor protection commitments from crypto asset trading platforms (CTPs) operating in Canada were reiterated by the Canadian Securities Administrators (CSA).
These commitments include stricter requirements for the custody and segregation of cryptocurrency assets held on behalf of Canadian clients, a ban on offering margin, credit, or other forms of leverage, and a ban on allowing clients to buy or deposit value-referenced crypto assets and proprietary tokens without the CSA's prior written approval.
The CSA anticipates taking appropriate action to off-board current Canadian users and imposing restrictions to prevent Canadian users from accessing a CTP's products or services if a CTP is unable or unwilling to provide an enhanced pre-registration undertaking.