The eToro social trading platform expands to the U.S. allowing local investors trade in ten different digital currencies right at launch.
By Bhushan Akolkar
Updated
3 mins read
During the ongoing Consensus 2018 event, social trading platform eToro has made a crucial announcement of expanding its operations to the United States by launching a cryptocurrency exchange and a mobile wallet. Right from the moment of the launch, the eToro cryptocurrency exchange will allow U.S-based investors to straightaway trade into ten different cryptocurrencies including Bitcoin, Ethereum, Litecoin, XRP, Dash, Bitcoin Cash, Stellar, Ethereum classic, NEO, and EOS.
In its press release eToro stated that the company is planning to add more digital tokens in the coming months for investors to trade.
It's happening! We will be officially launching in the U.S this year! We will also be rolling out a #crypto wallet starting with selected users this week and, will be launching a crypto exchange later this year. – @yoniassia pic.twitter.com/U3IJ4o1e0e
— eToro (@eToro) May 15, 2018
Guy Hirsch has been appointed the Managing Director for eToro’s U.S operations. Hirsch said:
“eToro empowers investors with a platform that gives them access to the assets they want, shared knowledge and ease of transaction. We know that there is a strong demand in the U.S. for crypto and we are excited to be able to offer U.S. investors the opportunity to learn about and invest across multiple cryptocurrencies.”
Earlier this year in March 2018, eToro managed to raise $100 million in its Series E round funding, which, the company says, will be used for “its global expansion and the development of blockchain technology to support the digitization of assets.”
Yoni Assia, Co-founder and CEO of eToro, said:
“We believe that in the future all assets will become digitised. This will help to open the markets to everyone and enable them to invest in the assets they want in a simple and transparent way. Crypto is the first step on this journey and we are excited to share our plans to launch an exchange and wallet.”
He further noted:
“An exchange and wallet are important additions to our crypto offering and we know that both have been eagerly anticipated by our customers.”
The company claimed that exchange will be launched later this year, however, the wallet will be launched in a phased-out manner. Currently, some few selected customers have been beta testing to make sure that the eToro provides a seamless and hassle-free experience for its customers at launch.
eToro will let its U.S customers access the crypto markets in three different ways. This includes: manually invest in a coin, automatically copy the trades of other traders on the platform to benefit from their knowledge and investment expertise, or invest in a Crypto CopyFund, which provides a diversified portfolio of major crypto assets.
Ever since it started its operations in 2007, the company has grown rapidly and is currently serving more than ten million customers across 140 different countries. The eToro platform provides its users the flexibility to trade and invest in different assets right from cryptocurrencies to commodities. It also allows to buy, hold and sell assets as well as monitor users’ portfolio and transact whenever on a real-time basis.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
