eToro has introduced Zcash (ZEC) to its increasing collection of crypto assets. This new addition to eToro’s list of virtual assets is a cryptocurrency that uses cryptography to provide improved privacy for its users. Zcash currently has a market value of more than $300 million.
eToro has been on the forefront in pushing to attract major cryptocurrency traders. The Israeli investment platform has been making announcements recently in an effort to develop its user portfolio by making it easy to transact and invest.
For instance, they eliminated Stamp Duty on UK Shares and now users can invest directly in shares through the platform. Furthermore, there will be no ticket charges or management fees to any client purchasing shares through eToro.
The Distributed Ledger Technology (DLT) License
These efforts paid off immensely when eToroX, one of their cryptocurrency divisions was awarded its custom-built license for blockchain companies that utilize the Distributed Ledger Technology also known as DLT.
eToroX is responsible for outlining and implementing the company’s vision around blockchain including the development of crypto assets.
Receiving the DLT Providers license is a huge milestone for eToro and the crypto community as a whole. This means that in the future all digital assets on the platform will be tokenized. The license was granted last month by the overseer for Gibraltar’s financial services.
The introduction of ZEC on eToro’s platforms grows the overall number of crypto assets to fourteen.
Active eToro clients can continue trading core assets such as Ethereum, Bitcoin, XRP, Bitcoin Cash, Ethereum Classic and Litecoin. They can also trade Stellar, Dash, EOS, NEO, BNB, IOTA and Cardano in addition to Zcash.
Custodianship Of The Privacy Coins
Most brokers only stick to offering crypto CFDs. However, eToro holds the digital coins and acts as a custodian on the clients' behalf. This enables the users to actually procure the Zcash tokens.
Moreover, the Zcash digital currency will incorporate in Crypto Portfolio that is on the eToro platform. The portfolio focuses on digital assets that have at least $20 million in monthly volume and a market cap of more than $1 billion. This helps to promote diversity.
ZEC was created three years ago. The cryptocurrency is based on peer-to-peer payments protocol and proof-of-work. This enables the users to transact privately.
Currently, ZEC trades up to about $53.5 during the day, which is almost a 2% increase. According to CoinMarketCap, this is ten times lesser than the highest, $499 it hit in February. Despite the variance and market capitalization, ZEC is now ranked 21st.
The CEO and co-founder of eToro, Yoni Assia commented on this news stating that the mode of funds transfer between companies or individuals is growing continuously.
It comes as no surprise that eToro used some principal ideas from Bitcoin to develop innovative payment networks that have extra features such as privacy.
The CEO expressed his excitement in offering Zcash to eToro investors as they expand their crypto holdings.