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Popular Crypto Trading Platform eToro Now Let's Investors Buy Bitcoin Directly from Phone Wallet
Part of the reason that investors tend to be apprehensive about the crypto industry is because of the complications with starting off.
However, the eToro wallet is working to make this process a little easier with enabling their app to sell directly to the user’s wallet. This new benefit can only be accessed via the app, which is available for both Android and iOS.
According to reports from The Next Web, this new benefit from eToro is already available, starting today. Anything that is supported by the wallet can be purchased with the use of a credit or debit card, which includes Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Ripple, and Stellar Lumens. On this new benefit, founder Yoni Assia said that that both crypto and blockchain tech has the power to “revolutionize global finance.”
Going forward, Assia believes that all assets will eventually be tokenized, and the choices made for the eToro wallet are just the “first steps on this journey.” By implementing an easier way of purchasing, the eToro wallet is “removing obstacles” that Assia says would otherwise inhibit mass adoption.
Since this seems too good to be true, there is one major restriction – the new wallet feature is only compatible with euros and pounds sterling at the moment, not USD. Essentially, that means that US-based investors will not have the chance to purchase through the eToro app. At this point, The Next Web has already sent an inquiry to eToro on the matter, but there has yet to be a response.
The concept of this wallet solution was originally announced in November last year, before the app started offering Ripple’s XRP and Stellar Lumens’ XLM. Going forward, the company plans to add other assets, but none have been announced yet.
However, they did announce a new crypto-to-crypto exchange service for the United States a few days ago, giving 32 states the ability to trade 13 different crypto assets.
Consumers that want to use the wallet services can download from the Android or Apple app stores.
Prominent Crypto Trading Platform eToro Announces United States Market is Opening for Investors
eToro, a popular investment platform, has previously operated in 130 countries but hadn’t yet come to the United States. This is about to change as they have announced that they will be available in 30 US states after they were able to get the necessary regulatory approvals.
While the platform isn’t limited to trading only cryptocurrencies, they will initially only offer these to their US customers. There are plans to introduce other types of asses such as stocks and bonds over the next 12 months from the over 1,500 assets offered by the firm.
eToro is commonly referred to as a social trading platform and this is because they offer a space for their users to dip their feet into the waters of trading while still offering options for more advanced trading such as short-selling and the use of leverage. It’s community feel and support gives the feeling of making use of a social media network and not a trading services provider.
Needless to say, this has made them very popular with younger people. Among some of its unique features, users can view, comment on and even copy the investment moves made by other users, the same way you would on a picture posted to Instagram.
Users also have the option of testing out the investment waters with the due of Virtual currencies. This way, they are able to learn the ins and outs of investment without actually risking their own funds. Their “CopyTrader” feature allows users to mimic the investment decisions of other users.
This way, their funds will be divided in the order of the user they wish to copy and they can also automatically make any trade that the user in question makes. When eToro launches in the US, all these features will be available to users, though only for crypto trades and investments.
Besides trading, eToro is also set to unveil their digital multi-signature eToro wallet which will support Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Ripple, and Stellar, with additional currency support to be added soon. With this, users can store, convert and transfer their cryptos from the exchange to their wallets with ease.
It is certainly an interesting time for eToro to entertain the US market, considering the ongoing crypto market woes. However, their management believes this is a necessary move.
“We think [the tokenization of assets] is a bigger opportunity than the internet and we have to be in the US when it happens given its the financial hub in the world,” eToro founder and CEO Yoni Assia
eToro Says Millennials Start With Bitcoin, Then Diversify Portfolios, as Ripple (XRP) Trading Reaches Highs in Jan 2019
eToro, a social trading and brokerage company, has emitted two reports on the blockchain industry recently.
One of them is about how Ripple is faring very well in the market this year and the other one is about how Bitcoin is turning out to be a great tool to actually lure investors to other investments, even the more traditional ones.
Bitcoin: The Ultimate Gateway Drug To Stocks?
With a new article named “Bitcoin is the ‘Gateway Drug’ to Stocks and Commodities or millennials’, CCN has covered one of the trends identified by eToro. According to the financial institution, about 73% of the new investors that started accounts on the company in 2017 and 2018 have bought cryptos. After that, around 11% of them decided to try other assets like stocks, forex and commodities.
Diversification was especially prevalent, according to eToro, with millennials. 44% of them decided to start investing in other options as well as crypto. The UK Management Director of eToro, Iqbal Gandham, has affirmed that cryptos made it easier for people to start investing.
They helped to “demystify investing” and after the millennials already knew how to do it, they looked for other options as well.
Adam Dodds, the CEO and founder of Freetrade, agrees. He affirmed recently that the Bitcoin boom helped several millennials to start trading stocks. He compared Bitcoin to “pot” and affirmed that it was a gateway drug but that people went to “something better” instead, implying that stocks are better investments than crypto.
He has also affirmed that it opened up people’s eyes because they realized that they could simply invest in a smarter way after the “crypto fad”, so they did it.
However, reports often show that millennials are considerably more distrustful of traditional investments than older people, which is somewhat understandable because of all the current issues of the market and when these people were born.
A total of 43% of the millennials trust cryptos way more than stock exchanges, which is a great sign. According to them, crypto exchanges are less prone to manipulation because of the immutable nature of the blockchain technology. This way, they believe that it is easier to manipulate the more traditional markets in a meaningful way easily.
This a stark contrast to Generation X, which 77% trusts stock exchanges more than they trust cryptos. Millennials were growing up during the 2008 financial crisis, so they have all the reasons in the world to be concerned about the financial market.
Ripple Had A Great 2019 So Far
In related news, eToro, in another report, has affirmed that Ripple’s XRP had a great 2019 until now. Even with the bear market, XRP’s numbers are pretty solid. Despite also suffering from the crypto winter, the company has managed to keep its trading volumes always up. XRP was the most traded asset on eToro, according to the reports.
eToro traders are using several trading instruments and some of them are investing heavily in oil and gold, but XRP was the top crypto asset nevertheless. In January 2019, XRP had 29,991 unique open trades, which put it ahead of the first and second largest tokens by market cap, Bitcoin (BTC) and Ethereum (ETH), respectively.
Bitcoin had “only” 25,148 unique trades, while even Ethereum surpassed it, with 26,773 unique trades. Four assets managed to be more popular than XRP last month: Oil (35,503 trades), fold (32,484), Apple’s stocks (31,767) and the NSQQ100 index (31,683).
As cryptos are still not being allowed to be traded in all the world at the moment, it is normal that they will not take all the top spaces. However, taking into account how well they are doing at the moment, it doe not seem to be empty speculation to wonder whether they will take the first place soon.
XRP: eToro CEO "Very Interested" In Forming Relationship With Ripple Labs
Rising Interest In Ripple: After Binance, It’s eToro
“Start Trading One of the World’s Most Exciting Cryptocurrencies,” wrote eToro on its website when in late December 2018, the social trading and investment platform added XRP on its wallet and to its platform to “Buy XRP or sell XRP CFDs on one account.”
Now, according to the latest video that recently surfaced online, eToro CEO, Yoni Assia shared his interest in forming a partnership with Ripple. In the interview that took place in January at Paris Fintech Forum. Assia says, Blockchain is going to disrupt the fintech space and as a fintech company it is important to foster relationships with other fintech companies.
“We are one of the largest trading platforms for XRP so very interested in forming a relationship with Ripple Labs and understanding what we can do together.”
Recently, Binance CEO, Changpeng Zhao had shared similar “interest” in partnering up with XRP-powered xRapid, one of the Ripple products as he stated,
“We’re focused on launching more features right now [on Binance], so we are working with a number of other partners. With xRapid, there’s nothing going on right now, but in the future, we’ll definitely want to add them [Ripple] as a partner.”
According to Ripple, they have already over 200 banks and financial institutions working with them.
Ripple Gaining Ground In Islamic Countries
Amidst the JP Morgan launching its very own digital coin, JPM Coin, that is presenting a direct threat to Ripple, Ripple acquired another partnership in the form of Kuwaiti bank, Al Ahli Bank of Kuwait (ABK) that has joined RippleNet to enable instant cross-border settlements for its customers. Regarding this collaboration, Somnath Menon, the group chief operating officer at ABK said,
“This partnership with Ripple is aligned with our unwavering philosophy of reimagining a simpler bank. We have significant interests in cross border remittances and plan to harness the power of Blockchain technology for making global payments faster and more convenient for our customers.”
Recently, Ripple also confirmed that the company in collaboration with Saudi Arabian Monetary Authority (SAMA) is offering a pilot program for local banks where 2 banks will be using xCurrent and will be going live in quarter 1 of this year.
Dilip Rao, the global head of infrastructure innovation at Ripple said,
“SAMA is leading the charge as the first central bank to provide resources to domestic banks that want to enable instant payments using Ripple’s innovative blockchain solution.”
Meanwhile, XRP just got the 44th fiat currency in the form of IRR (Iranian Rial) that will be tradeable with it. Norbitex, a cryptocurrency exchange made the announcement which is also a proponent of cross border transactions. At the time of writing, the third-largest cryptocurrency has been trading at $0.30 with 24-hours gains of 0.05 percent.