X, formerly known as Twitter, intends to build an in-app trading hub, business news site Semafor reported on Aug. 3.

The social media company reportedly has sent out requests for proposals to potential partners capable of providing financial content, real-time stock data, and other features. It promises to help those partners reach its hundreds of millions of users.

Notably, those proposals do not offer any payment to partners. According to Semafor, X wants partners themselves to commit funding to the project.

Semafor also noted that it is unclear whether the plans have progressed, writing: “It isn’t clear which firms, if any, submitted proposals, which were due last week.”

X has not yet publicly announced any plans to introduce any such trading feature. Instead, Semafor said that it obtained its information from sources familiar with the matter. Semafor also said that was able to see X’s requests for plans.

X has previously looked to stocks, crypto

There is also no indication of whether X’s trading plans could involve cryptocurrency. However, past developments provide some hints in this area.

X, while it operated under the Twitter brand, introduced certain basic trading features. The company currently integrates price charts from TradingView, which are displayed when users search for a stock ticker. That feature has included certain cryptos, such as Bitcoin (BTC) and Ethereum (ETH), since December 2022.

Twitter additionally partnered with the popular trading app eToro in April 2023 to allow users to purchase stocks and cryptocurrency via a link. However, Semafor’s latest report suggests that this feature has not yet come to fruition.

X’s latest trading plans appear to be part of Elon Musk’s plans to turn the site into an “everything app.” The company also recently obtained money transmitter licenses in line with these plans.

This would allow the firm to support PayPal-like payments — though once again, the company has not publicly announced any such financial service.

The post X has plans for an in-app trading platform: Report appeared first on CryptoSlate.

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Filed under: Bitcoin - @ August 4, 2023 3:00 am