eToro Social Trading Network Plans For Crypto Exchange & Wallet Launch
In an interview with NewsBTC, Managing Director of eToro, Iqbal Gandham shared the most anticipated launch of the eToro cryptocurrency exchange as well as its wallet. Known as a social trading and multi-asset managing brokerage firm, the direction of launching their own crypto exchange will definitely surprise and challenge competitors.
Based on what Gandham shared, it appears that the wallet will be launched first, following the crypto exchange, which has been set for Q4 of this year. He also added that the foundation of the exchange will rely heavily on regulations that set well with that of Gibraltar.
Here is as per his quotes:
“We are launching our crypto exchange and wallet soon. We’re looking at the exchange coming out within the next quarter, we’re looking at Q4 […] The wallet release date will probably be towards the end of July, if not early August. The exchange will follow certain regulatory priorities which will happen in Gibraltar.”
The Managing Director believes that regulations are important for crypto businesses as it prevents consumers from getting into fake projects, while allowing strong businesses to excel. eToro is supposedly making way into the U.S market, to which Gandham described it being as a “phenomenal market for crypto assets.”
It appears that eToro will eventually be launching an OTC desk in London as a way to accommodate clients who are yearning to expand their portfolios. He added that “It will be an interesting part of the jigsaw puzzle that eToro is putting together.”
As previously mentioned, Gandham is all for regulation and finds it troubling that the UK has no regulation. He goes on saying that there are more risks tied to an unregulated business than one that is.
In particular, he shared:
“The UK has no regulation. It’s quite opaque because you don’t know when regulations are going to move in. From a consumer’s perspective, because you don’t have clarity, you don’t know which companies to trust. Regulation will really help increase user adoption and decrease risk.”
He gave the example of China to NewsBTC, where crypto investors are using platforms like LocalBitcoin, which to him “are good but really, really risky.” To Gandham, no regulation is equivalent to nothing less than confusion. He also pointed out that preventing one from “selling cryptocurrencies, […] increases user risk”, which can be a problem for the entire country.
Gandham’s perspective is an interesting one, as most representatives associate regulations with centralization, but fail to realize that something that lacks regulation might be more prone to theft and distrust.