eToro Launches Crypto Trading Platform and Wallet in the US
Social trading and multi-asset brokerage company eToro has officially launched its crypto trading platform and wallet in the US, allowing customers from 32 states and US territories to trade 13 cryptoassets, including BTC, ETH, LTC, XRP, DASH, BCH, XLM, Ethereum Classic, NEO, EOS, ADA and Zcash, with more to be added in the near future, the company said on Thursday.
With the launch, US customers can now collaborate with one another on trading ideas and strategies, and use features such as CopyTrader, which allows them to allocate funds to automatically trade proportionally to the portfolio of another user, as well as CopyPortfolios, which bundles together assets under one selected trading strategy, curated by eToro’s own analysts. At launch, three cryptoasset CopyPortfolios will be available to traders. As eToro adds new asset classes to the platform later this year, additional CopyPortfolios will be offered, the company said.
The US launch also includes the release of a multi-sig crypto wallet supporting six cryptoassets, BTC, ETH, LTC, BCH, XRP and XLM, for easy transfers of coins from trading accounts, and conversion between different coins.
Founded in 2006, eToro is a brokerage company originally from Europe. The company provides a social trading platform that allows users to share their insights, their actual portfolios, and their real track records with each other. Users can choose to automatically copy the trading strategy of leading traders in the community, as well as be copied and earn a second income. The company claims over ten million registered users.
Yoni Assia, co-founder and CEO of eToro, said the platform aims to act “as a bridge between the old world of investing and a blockchain-powered future, helping our users navigate and benefit from the transition to cryptoassets for wealth building.”
A long-time believer in crypto and blockchain, Assia predicts a future where all assets will be tokenized and where blockchain will transform the world of finance as we know it. His company is currently working on launching its own cryptoassets exchange, eToroX, on a global basis later this year.
“Just as eToro has opened up traditional markets for investors, we want to do the same in a tokenized world and the creation of eToroX will help us do this,” Assia said. “We are just taking the first steps on this journey.”
eToroX, eToro’s digital asset subsidiary established last year, is responsible for “defining and executing eToro’s vision around blockchain and the development of cryptoassets.” In particular, the company is building a product range and infrastructure centered on tokenized assets. Today, eToroX manages eToro’s newly launched wallet and will run the forthcoming exchange.
eToroX was granted a distributed ledger technology (DLT) license from the Gibraltar Financial Services Commission (GFSC) in December 2018.