Canadian Fintech firm Wealthsimple is making it easier for X users to invest in stocks and access information about how a stock is performing by integrating their platforms, the company said in a statement.
The move is part of an initiative called ‘Cashtags’ on the social media site owned by billionaire Elon Musk, which lets X users in the U.S. and Canada using iPhones to see details about how a stock is performing on the X app with a tap.
“This week, a Smart Cashtags/Wealthsimple feature rolled out on X in Canada,” a Wealthsimple spokesperson said.
“When users engage with the feature, they are directed to a chart with historical data on a stock’s performance before being given the option to open a Wealthsimple account or, if they are an existing client, to place an order,” the statement added.
The actual trading will still take place on the Wealthsimple platform and “X does not have access to any client data or account information,” the spokesperson added.
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The Cashtag feature on X means the website will automatically suggest matching stocks or crypto tokens when you search for or post a cashtag — the name of the stock preceded by a dollar sign.
“Anyone who taps a Cashtag will see posts mentioning it along with its price chart — without ever leaving X,” Nikita Brier, X head of product, said in a social media post.
For Canadians with a Wealthsimple account, tapping a cashtag will take them to the Wealthsimple app on their phone, giving them the option to trade in the stock.
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