According to a recent report by Semafor, the company formerly known as Twitter (X) is making waves yet again, as it seeks to transform itself into a financial data giant by building a trading hub within its app. Will Dogecoin take the center of the stage?
Elon Musk’s X Set To Disrupt Traditional Trading Platforms?
In a request for plans viewed by Semafor and individuals familiar with the matter, the company outlined its vision for integrating financial content, real-time stock data, and other features into its platform.
The request emphasizes the power of real-time information in investing. It highlights the enormous user base of “hundreds of millions of highly-qualified users” that the company can offer to potential partners.
One striking aspect of the request is the absence of any mention of compensation. Instead, interested bidders are asked to state how much money they will commit to the project.
This unconventional approach reflects the company’s determination to forge a new path and disrupt the industry without relying on traditional financial partnerships or revenue models.
The comparison to WeChat in China, Gojek in Indonesia, Grab in Singapore, and Gozem in Africa further illustrates the company’s ambition.
These “super-apps” have transformed how people in their respective regions interact with technology, offering a wide range of services within a single platform. By positioning itself as the first Western super-app, the company aims to disrupt the traditional trading platforms.
Dogecoin Integration On X’s Trading App?
Twitter’s latest move to introduce a feature allowing users to access live stock charts by simply searching for a “cashtag” has sparked intrigue and speculation in the online community.
With cashtag clicks experiencing a remarkable 51% growth over the past two months, it’s clear that Twitter is onto something potentially lucrative. This feature could attract users and generate revenue for the company through partnerships with data startups like TradingView.
On the other hand, Musk’s support for Dogecoin has been well-documented, and now, with the introduction of his new trading app, speculation is growing about the potential impact on the meme coin’s price.
When writing, Dogecoin is trading at $0.07461, maintaining its price level for the past 24 hours. Nevertheless, the introduction of Musk’s trading app has the potential to ignite a new wave of enthusiasm for Dogecoin, increasing its value.
However, it’s worth noting that Twitter’s plans to incorporate a one-click option to buy and sell stocks on eToro, a competitor to Robinhood, have been delayed.
Initially slated for an April launch, this feature has yet to materialize. The potential to refer users to a brokerage platform like eToro could be a significant revenue stream for Twitter, as it seeks to regain the advertisers it lost after Elon Musk’s takeover.
While Twitter’s foray into financial services and e-commerce may seem bold and innovative, it is not without its challenges. Other social media giants in the United States, such as Snapchat and Meta (formerly Facebook), have attempted similar ventures with little success.
UPDATE: Elon Musk denied the report and claims that X (Twitter) is not looking to launch trading services.
No we aren’t
— Elon Musk (@elonmusk) August 3, 2023
Featured image from iStock, chart from TradingView.com