eToro adds Stellar in expanding cryptocurrency offering

StellarOnline trading and investment platform eToro has added the altcoin Stellar to its portfolio, bringing the total number of cryptocurrency assets available on the site to eight and allowing for more diversification.

 

In July, this global trading and investment platform with over nine million users announced that users would own the actual asset, rather than a CFD, recognizing the growing interest among users to buy and hold the asset, rather than speculate on price movements.

 

Now, Stellar will be available alongside Bitcoin, Ethereum, Bitcoin Cash, XRP, Litecoin, Ethereum Classic, and Dash.

 

Yoni Assia, Co-founder and Chief Executive Officer at eToro
Yoni Assia, Co-founder and Chief Executive Officer at eToro

Yoni Assia, Co-founder and Chief Executive Officer at eToro, commented: “If 2017 was the year of Bitcoin, 2018 will be the year of altcoins. As investors seek new opportunities and diversification within their portfolios, attention will shift away from the mainstream cryptos towards new challengers in the market. We’re constantly identifying and assessing new concepts as they emerge and are committed to bringing the best crypto assets onto our platform for our users to invest in. We’re excited to have Stellar now available and we look forward to seeing how the market develops in 2018 following a very successful 2017 for the crypto community.”

 

Stellar, which is an open-source protocol for exchanging money, will also be added to eToro’s Crypto CopyFund, which uses CFDs to enable investors to diversify across all available cryptocurrencies (weighted by market cap) with just one click.

 

“The development of blockchain technology is bringing new innovations to the market almost daily. Platforms such as eToro are an essential component in bringing together innovative projects and early-adopters”, said Jed McCaleb, co-founder of Stellar Development Foundation. “We are delighted to be working with a leading crypto platform to make Stellar available more widely.”

 

Jed McCaleb, co-founder of Stellar Development Foundation
Jed McCaleb, co-founder of Stellar Development Foundation

eToro has been able to establish a reputation within the crypto community. Adding to its verification procedures and security processes, eToro is a founding member of CryptoUK, a self-regulatory body in the UK that aims to improve industry standards and engage policymakers on the future of the sector. CryptoUK, founded by eToro, BlockEx, CEX.IO, Coinbase, CoinShares, CommerceBlock, and CryptoCompare, developed an industry-leading Code of Conduct, the first in the UK. The entity is calling on government to introduce appropriate regulation to protect consumers and business certainty, allowing the sector to flourish in the UK.

 

Stellar is one of many cryptocurrencies that have been included in the Weiss Cryptocurrency Ratings, the first of its kind and based on a model that analyzes thousands of data points on each coin’s technology, usage, and trading patterns.