The first signals of changes that may affect the cryptocurrency ecosystem are appearing on the horizon. X, a social network previously known as Twitter, intends to create a trading hub directly in its application. Will this open new doors for cryptocurrencies?
X, a social media platform once known as Twitter, plans to build a trading center in its application – reports the news service Semafor ([https://semafor.com/]). So far, there is no information whether these plans include support for cryptocurrencies, or whether potential partners are interested in co-creating the platform.
According to Semafor, the company sent proposals to potential partners, capable of providing financial content, real-time stock market data, and other features. X promises to help these partners reach hundreds of millions of its users. Interestingly, the proposals do not provide for any payment to the partners. X expects the partners to invest in the project.
It is unclear how far along the plans are. As Semafor notes, it is unknown which companies, if any, submitted their proposals, which were supposed to be delivered last week. X has not yet publicly announced any plans to introduce such a trading function.
Throughout the time X operated under the Twitter brand, the company introduced some basic trading features. It currently integrates price charts from TradingView ([https://www.tradingview.com/]), which are displayed when users search for a particular stock. This feature included some cryptocurrencies, such as Bitcoin (BTC) and Ethereum (ETH), since December 2022.
Twitter also partnered with the popular trading app eToro in April 2023, allowing users to purchase stocks and cryptocurrencies through a link. However, the latest reports from Semafor suggest that this feature has not yet been fully realized.
The latest trading plans of X seem to be part of Elon Musk’s vision to transform the site into an “all-in-one” application. The company recently obtained money transfer licenses in line with these plans, which would allow the company to handle payments like PayPal, although the company has not yet publicly announced such a financial service.
It is unclear how and if these plans will affect the cryptocurrency space. One thing is certain: if X decides to integrate cryptocurrencies in its new trading hub, it could bring significant changes to the entire ecosystem. Given the company’s previous interactions with the cryptocurrency space, this is not an entirely unlikely scenario. It is certainly worth tracking these changes ([https://www.twitter.com/]) and observing how the situation develops.
