Financial services provider eToro and Twitter recently announced a partnershipthat allows users of the social network platform to exchange cryptocurrencies and shares.
This development follows a statement made by former Twitter CEO Elon Musk, who said he wants to make Twitter "the world's largest financial institution."
Cointelegraph sat down with eToro CEO Lule Demmissie at Bitcoin Miami 2023 to understand what integrating a social network and social trading platform could mean for the future of digital finance.
Demmissie said it "made sense" for one of the world's largest social media platforms to partner with a social commerce platform. Now, when users get financial news and updates on stocks, ETFs, or other assets, they can choose to "practice, participate, or trade."
"Symbiosis is really something like talking, learning, practicing, investing."
Already, the "cashtags" of Twitter, which allow users to see real-time business datahave gotten 500 million search results on the platform.
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The eToro CEO said that the company takes a "holistic" approach to the crypto ecosystem, not favoring one type of asset class over another. He said diversification is important both "at the instrument level and at the asset class level."
Demmissie 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. It's a really transformative way of thinking about fairness and capital formation, benefiting from the same thing you feed."
However, he also noted that as digital assets become more widely available, the need for self-regulatory best practices increases. Particularly to take from the "lessons of the last two years" and not "misdiagnose" those lessons.
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