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Financial services provider eToro and Twitter recently announced a partnership that allows users to trade cryptocurrencies and stocks on the social network platform.
This development follows a statement made by former Twitter CEO Elon Musk, who said that he wants Twitter to be the “greatest financial institution in the world”.
Cointelegraph sat down with eToro CEO Lule Demmissie at Bitcoin Miami 2023 to understand what social network and social trading platform integration could mean for the future of digital finance.
Demici said it “makes sense” that one of the world’s largest social network platforms would be partnering with a social trading platform. Now, users can choose to “Practice, Engage or Trade” when receiving financial news and updates on securities, ETFs or other assets.
“Symbiosis is really like negotiate, learn, practice, invest.”
Already, Twitter’s “Cashtags,” which allow users to view real-time trading data, have garnered half a billion search hits on the platform.
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The CEO of eToro said the company has a “holistic” approach to the crypto ecosystem, not favoring one type of asset class over another. She said diversification is important “at the instrument level as well as at the asset class level”.
Demici also highlighted that digital assets can be “transformational” in nature if they are “allowed into our lives.”
“The fascinating thing about digital assets is that you become both the beneficiary and the product. This is a truly transformative way of thinking about equity and capital creation – benefiting from the same thing that feeds you.
However, she also pointed out that as digital assets become more available, the need for better self-regulation practices grows. Specifically to draw from “the lessons of the past two years”, not to “misdiagnose” those lessons.
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