eToro Enters U.S. Market With Cryptocurrency Offering - The Industry Spread

Ricardo Esteves

Ricardo Esteves has seen business and economics through many lenses. He joined the Financial Services Industry in 2009, and has been a financial journalist since 2011. He holds a degree in Business Administration and has experience producing real-time news, from both buy-side and sell-side, as well as for retail traders, brokers and service providers. Esteves' work has appeared in a variety of online publications including FX Street and FinanceFeeds.

eToro

eToro Enters U.S. Market With Cryptocurrency Offering

May 17, 2018
Yoni Assia, Co-founder and CEO at eToro
Yoni Assia, Co-founder and CEO at eToro

Leading social trading and multi asset brokerage company eToro has announced that launch of a cryptocurrency offering in the United States, which enables U.S. based traders to invest in 10 digital coins now and more throughout the year.

eToro was one of the first UK FCA-regulated FX brokers to recognize the interest and value of cryptocurrency trading and put it into practice. US-residents who join the platform will have access to eToro’s community feed, one of the largest within the retail market, which allows to follow the investment strategies of other U.S. users.

Yoni Assia, Chief Executive Officer and Co-founder of eToro, commented:

“Consumers all over the world should have access to the tools they need to participate in cryptocurrency markets, regardless of their expertise. We’re excited to make our platform available to U.S. users, who have shown a strong enthusiasm for participating in these growing markets. Within the platform, our U.S. users will find rich knowledge and insights into how to effectively trade and invest in cryptocurrencies.”

“eToro will continue to focus on simplicity and user-friendliness so that more diverse groups will feel welcomed into the global crypto community. U.S. crypto holders have a strong appetite for diversified portfolios and we’re committed to offering the best tools and assets to help them manage their investments all in one place.”

Launched in 2007, eToro has now over 10 million users across 140 countries who trade via its multi-asset web-based investment platform, available on web and mobile.

In March 2018, eToro raised $100 million from China Minsheng Financial, SBI Group, Korea Investment Partners, and World Wide Invest, among others. The round, which brings the platform’s total capital raised to $162 million, is supporting the current expansion into new markets, including the United States.

For now, U.S.-based users can only use the demo version of the platform to trade Bitcoin, Ethereum, Litecoin, XRP, Dash, Bitcoin Cash, Stellar, Ethereum Classic, NEO and EOS. Throughout the year, eToro will add several more coins.

Guy Hirsch, USA Managing Director, eToro, said:

Guy Hirsch, USA Managing Director, eToro
Guy Hirsch, USA Managing Director, eToro

“We are quickly moving toward a tokenized world, and digital investment platforms need to provide access to the assets investors want, allow the sharing of knowledge, and make transactions easy. eToro is committed to helping our users become better educated about both the risks and rewards that cryptocurrencies present, thereby enabling them trade and invest responsibly and successfully.”

eToro’s U.S.-based investors may access the cryptocurrency market by manually investing in a coin, by automatically copying the trades of other traders on the platform to benefit from their knowledge and investment expertise; or by investing in a Crypto CopyFund which provides a diversified portfolio of major crypto assets.

Regulated by in Europe by the Cyprus Securities and Exchange Commission and in the UK by the Financial Conduct Authority, eToro USA is registered as a money transmitter in the United States of America.

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