eToro Announces Prospective Expansion Plans
eToro, a global investment platform, made announcements today regarding its plans to expand its cryptocurrency capabilities and services offered. In particular, it plans to launch an exchange and a digital wallet, which are both subject to regulatory approvals. Another plan that has been announced is the current measures taken to offer its crypto-related services to the US. The platform for US customers is said to be launched sometime this year under Guy Hirsh’s guidance, the newly appointed US Managing Director.
Apparently, eToro has completed its Series E funding round, where the team raised over $100 million USD. The money raised will be invested towards accelerating its plans to expand globally and to develop its blockchain platform to support digital assets.
Co-founder and CEO of eToro, Yoni Assia had a lot to say about the announced plans. Mainly, he commented,
“An exchange and wallet are important additions to our crypto offering and we know that both have been eagerly anticipated by our customers.”
Its current platform offers 10 cryptocurrencies, which include Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Ripple (XRP), Litecoin (LTC), Ethereum Classic (ETC), Dash, Stellar (XLM), NEO, and EOS. News has it that more coins will be added to the list in the coming months. Furthermore, eToro’s crypto-to-crypto exchange is set to be launched this year as well, which will allow users with more options for trading coins.
Upon launching the wallet, the approach to be taken is that of the phased rollout, where select users will be participating in the beta-testing to ensure that eToro’s app is satisfactory. The app will be available to download via the Apple app store and Google Play store for the time being.
eToro has been around since 2007, and has since achieved a name for itself, as it has over 10 million investors across 140 countries. Hirsch expressed enthusiasm, as both the US Managing Director and believer of eToro.
He sees this as a challenge worth taking and believes that users will have more options to choose from. To him,
“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.”
eToro is currently offering three ways in which US investors can access crypto markets, which include:
- Manually investing in a coin
- Automatically copying trades of other traders on the platform to share and enhance one’s knowledge
- Investing in a Crypto CopyFund – a way to diversify one’s portfolio
For more information on how to join the waiting list for the eToro’s forthcoming US platform launch, go to: etoro.com/