eToro Slashes Cryptocurrency Spread to Attract New Investors and Traders
eToro Cuts Cryptocurrency Spread To Attract New Investors And Users
The global financial investment platform has decided to cut spreads on cryptocurrencies in order to attract more users and investors to the platform. At the same time, the intention is to increase awareness of the potential related to virtual currencies and blockchain technology.
The decision taken by the ten million-users platform had immediate effect and will be applying to all crypto assets traded on the eToro platform. The spreads have been cut by more than half, allowing users to keep more of their gains.
Yoni Assia, co-founder and CEO for eToro, said that they are committed to supporting cryptocurrency mass adoption. With this decision, users will have more benefits while trading virtual currencies.
On The Matter, Mr. Assia Commented:
“We’re committed to supporting the mass adoption of crypto. We want to make it as simple and accessible as possible for investors to buy, sell or hold crypto. Cutting costs so clients keep more of their gains is one part of it.”
The company informed that they want to raise awareness among investors about the future potential of blockchain technology and cryptocurrencies. Assia explains that cryptocurrencies are highly volatile and not appropriate for all investors, but it can play an important role at the time of diversifying portfolios.
At the moment, eToro is sponsoring seven Premier League football clubs paying with Bitcoin. The German football team Eintracht Frankfurt is one the teams sponsored and the tennis player Gaelle Monfils has also partnered with eToro.
Assia then talked about the headlines that announce the end of virtual currencies and cryptos. However, all of them have been FUD and did not help to build a better ecosystem. Back in 2017, cryptocurrencies experienced an important rally that ended with Bitcoin reaching $20,000 dollars. After it, Bitcoin stabilized around $6,600 dollars.
“Since then (2017) prices have stabilized and the crypto industry has had the chance to catch its breath. It has used this opportunity to engage with and educate regulators and participants across traditional finance services as to the opportunities offered by crypto and blockchain more broadly.”
Mr Asia has also said that eToro welcomes new and appropriate regulation to the crypto space and that it will clearly accelerate mass adoption around the world. Furthermore, the company thinks that all assets will be tokenized in the future and that cryptocurrencies are just the first step.
Currently, eToro is offering 12 cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), XRP, Litecoin (LTC), Ethereum Classic (ETC), Dash, Stellar (XLM), NEO, EOS, Cardano (ADA) and IOTA (MIOTA).
The platform offers investors the possibility to invest in traditional stocks and other markets including fiat currencies and commodities.