eToro, the leading social trading network, has pushed ahead with its plans to broaden its cryptocurrency offering, citing enough liquidity and strong customer demand. The company announced that it has enabled the trading of four new tokens, namely The Sandbox and Celo.
In addition to the recent altcoins, eToro customers can trade the actual underlying assets of Bitcoin, Ethereum, Bitcoin Cash, XRP, Litecoin, Ethereum Classic, Dash, Stellar and NEO, amongst other crypto assets. The latest addition expands the total number of cryptocurrencies available on eToro’s platforms to 42.
Unlike many other brokers, eToro does not simply adhere to offering crypto CFDs but also allows clients to purchase the assets, with eToro acting as custodian and holding the digital coins on behalf of clients.
In addition to clients’ ability to purchase and trade cryptocurrencies, some coins are implemented on eToro’s CryptoPortfolio, which promotes the simple diversification through focusing on cryptocurrencies with a market cap above $1 billion and minimum average monthly volume of $20 million.
The introduction of new instruments adds to eToro’s rapidly expanding suite of cryptos. The Israeli social investment platform has had a string of recent announcements in a major push to attract crypto traders and grow its user base. Earlier this month, it announced the addition of three new coins – Solana (SOL), Filecoin (FIL) and Polkadot (DOT) – as it continues to explore emerging digital assets.
eToro reports solid financial results
eToro, which describes itself as the world’s leading social investing network, marked a 27 million user milestone this year with $9.4 billion assets under administration. This millstone is achieved after eToro has onboarded approximately 2.1 million new registered users for the quarter to end, compared to 1.6 million new users in Q3 2021 and 1.6 million accounts in Q4 2020.
According to its most recent filings, the majority of new accounts invested in commission-free stocks, crypto or to copy another investor on the platform. eToro expects Q4 commissions in a range between $285 million and $295 million, compared to $222 million in Q3 2021 and $164 million in Q4 2020.
Per a recent report, however, eToro will not complete its SPAC merger with US SPAC Fintech Acquisition Corp by the end of 2021.
eToro has been in the news recently after it struck yet another sponsorship deal, this time with Italian top-flight soccer league Serie A. The Israeli social trading and multi-asset brokerage company is active in the Europe soccer market and previously signed deals with several top leagues, including a lucrative sponsorship with Arsenal Football Club.