Elon Musk has introduced a new feature on Platform X, allowing users in the U.S. to trade Bitcoin and stocks directly through the app. Users can now click on cashtags, such as $BTC or $TSLA, to view real-time price charts and comments, and then proceed to trade by clicking the 'Trade' button. This feature is already available for users in the U.S. and provides the ability to view live prices and charts, as well as related posts, before completing a transaction on one of the partner platforms. X does not act as a broker: the platform merely allows for quick reactions to financial discussions, while the actual buying and selling occur on the partner's side. Cashtags have been available on X for years, and earlier this year, the company added real prices and charts to them – the 'Trade' button is the next step.
Users complete transactions through platforms such as Interactive Brokers, Moomoo, Gemini, Kraken, and Coinbase. It is worth noting that active daily engagement on X is about 132 million users on mobile devices, while total global engagement exceeds 245 million users across all devices. This indicates significant platform usage experience and its appeal to traders interested in both cryptocurrencies and traditional stocks.
"Cashtags bridge the gap between the ticker on the feed and the market itself," said Mridul Singhai, Head of Product Engineering at X. This move continues Musk's efforts to transform X into a broader financial hub, linking market discussions directly with trading services. Amidst this, X stands out from other platforms like Discord and Telegram, where discussions are often fragmented across private channels. The new feature could further expand this advantage by providing users the ability to quickly react to financial discussions on their feed without needing to leave the app.
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