Update (5/19/2023 18:50 UTC): This article has been updated to reflect that Lule Demmissie is the CEO of eToro US, the U.S. subsidiary of cryptocurrency exchange eToro. Previously, Demmissie was erroneously stated as the CEO of eToro instead of eToro US. The CEO of eToro is Yoni Assia. Cointelegraph regrets this error.
The financial service provider eToro and Twitter recently announced a partnership that allows users on the social network platform to trade cryptocurrencies and stocks.
This development follows a statement made by former Twitter CEO Elon Musk, who said he wants to make Twitter “the biggest financial institution in the world.”
Cointelegraph sat down with Lule Demmissie, the CEO of eToro’s U.S. branch, eToro US, at Bitcoin 2023 in Miami to understand what a social network and social trading platform integration can mean for the future of digital finance.
Demmissie said it “made sense” that one of the world’s largest social network platforms would partner with a social trading platform. Now, when users obtain financial news and updates on securities, ETFs or other assets, they can choose to “practice, engage or trade.”
“The symbiosis is really sort of like converse, 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.
The eToro US CEO said the company has a “holistic” approach to the crypto ecosystem, not favoring one type of asset class over another. She said that diversification is important both “at the instrument level as well as the asset-class level.”
Demmissie also highlighted that digital assets can be “transformative” in nature if they are “allowed into our lives.”
“What’s fascinating about digital assets is that you become both the beneficiary and the product. It’s a really transformative way of thinking about justice and capital formation — benefiting from the same thing that you feed.”
However, she also pointed out that as digital assets become more available, the need to have better self-regulation practices increases. Particularly, she said to take from the “lessons of the last two years,” and not “misdiagnose” those lessons.