Leading social trading platform eToro announced yesterday its intention to expand its cryptocurrency offerings and to launch an exchange and digital wallet, pending regulatory approval. The company also intends to bring its cryptocurrency offering to the United States later this year, a move which would be the first of its kind in the Forex industry.
eToro has recently completed its Series E funding round, raising $100M which will be used to finance the company’s expansion plans and the development of new blockchain technology to support the digitization of assets. The company currently offers trading of ten cryptocurrencies including Bitcoin, Ethereum, Bitcoin Cash, XRP, Litecoin, Dash and others, and it plans to expand its offerings soon.
U.S. Expansion Plans
eToro plans to offer U.S. traders three ways to trade cryptocurrencies that mimic the company’s current offerings throughout the world. Traders will be able to copy other traders’ crypto trades on the eToro platform or invest in a Crypto CopyFund which is eToro’s proprietary portfolio of digital assets. In the future traders will also be able to manually purchase digital coins.
Guy Hirsch, USA Managing Director, eToro, 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.”
Yoni Assia, Co-founder and CEO of eToro added: “We believe that in the future all assets will become digitized. 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.”
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