eToro is strengthening its position in the Australian market by boosting its cryptocurrency offering in the country.
Australian residents have gained access to 15 new cryptoassets: Solana (SOL), Cosmos (ATOM), The Graph (GRT), Curve (CRV), 1inch (1INCH), Maker (MKR), Enjin (ENJ), Shiba Inu (SHIB), Dogecoin (DOGE), Filecoin (FIL), Aave (AAVE), Compound (COMP), yearn.finance (YFI), Decentraland (MANA) and Polkadot (DOT).
The multi-asset broker previously had 21 cryptoassets. Now, its crypto offering amounts to 36 istruments that can be used to diversify Australian investors’ portfolios. Australian users opening cryptoasset positions on eToro can now purchase the underlying asset.
On top of that, eToro is about to make staking available for Australian users. From November 1, they will be able to earn monthly staking rewards on their Cardano (ADA) and TRON (TRX) investments. Assets staked on behalf of users are real cryptoassets (not CFDs) and the underlying asset remains the property of the eToro user.
The trading company will also enable coin transfer from the eToro platform to the eToro Wallet. eToro’s Australian Managing Director, Robert Francis said: “eToro has been a pioneer in the crypto markets and we are excited to observe more Australians dipping their toes into this emerging asset class.
“The crypto ecosystem is expanding with the emergence of new altcoins and as a result we are seeing Australian investors looking at crypto beyond a store of value, instead using it as a way to diversify their portfolios beyond traditional assets like stocks, in order to hedge against risks such as inflation. As we continue to strengthen our crypto offering Down Under, we urge investors to keep in mind that crypto is a highly volatile asset class. Investors should remember the basic tenets of investing: diversify, understand what you are investing in and never invest more than you can afford to lose.”
Crypto trading has been a key factor for eToro’s revenues. The broker’s extremely strong numbers in Q2 2021 include growth of 136% in net trading income (YoY).
The multi-asset investment platform, which plans to go public via SPAC with an implied equity value of $10.6 billion, has welcomed 2.6 million new registered users, up 121% compared to Q2 2020, with total commissions jumping by 125% to $362 million, and assets under administration reaching $9.4 billion. The broker now counts with 23 million users.
