eToro Adds ZCash to Crypto Trading Offering

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.

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

eToro Adds ZCash to Crypto Trading Offering

January 25, 2019

etoroLeading investment platform eToro continues down the path of expanding its cryptocurrency offering with the addition of ZCash (ZEC) to its product range, bringing the total number of cryptoassets available on eToro to 14.

ZCash, launched in 2016, is known for its greater privacy options and was co-founded by Johns Hopkins University’s cryptographer Matthew D. Green amongst its founders. The decentralized payments network allows for both transparent and shielded transactions. The former means the network operates much like Bitcoin, and the latter means sender, recipient, and payment values are not published on a public blockchain. The ZCash network allows for payment audits to be completed, but only at the user’s discretion.

Yoni Assia, Co-founder and CEO at eToro, commented:

“The way in which we transfer money from person to person, or company to company is constantly evolving. It is not surprising that others have taken on some of the core ideas behind Bitcoin and developed new payment networks with additional features – in the case of Zcash – privacy. We are excited to offer ZEC to eToro investors as they seek to diversify their crypto asset holdings.”

In addition to ZCash, the eToro platform counts with 13 other cryptocurrencies available for trading: Bitcoin, Ethereum, Bitcoin Cash, XRP, Litecoin, Ethereum Classic, Dash, Stellar, NEO, EOS, Cardano, IOTA, and BNB.

In late 2018, eToro U.S. published a survey in which they found 69 percent of respondents, in a sample of 1,000 online investors, that were interested or very interested in learning about cryptocurrencies. Education is the key barrier preventing online investors from purchasing cryptocurrencies despite evident interest in investing, according to the research study.
etoro eToro has recently rolled out its cryptocurrency wallet as a mobile application available via Google Play and the Apple App Store. In October 2018, the firm led by Yoni Assia decided to cut spreads on cryptocurrency trading by more than half in some cases in an effort to drive more trading volume into the platform.
During the summer of 2018, the company hired former hedge fund manager Lord Stanley Fink as a Special Adviser to the business globally in order to help eToro to further strengthen its support to the newly launched crypto asset segment.

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