Leading FX & CFD Broker eToro Launches Crypto Wallet

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 Launches Crypto Wallet

Leading FX & CFD Broker eToro Launches Crypto Wallet

November 9, 2018
Yoni Assia, Co-founder and CEO at eToro
Yoni Assia, Co-founder and CEO at eToro

Global investment platform eToro has rolled out its cryptocurrency wallet as a mobile application available via Google Play and the Apple App Store.

As the social trading and multi-asset brokerage company launches the eToro wallet, the UK FCA and CySEC regulated retail broker takes another step on its leading role in cryptocurrency territory.

The eToro wallet provides an easy to use customer interface and enhanced security with a multi-signature access to allow users to see their on-blockchain transactions and balances without the fear of losing their private key.

The company already has over 10 million registered users and over 260 million trades opened on the platform. Yoni Assia, CEO of eToro, commented on the launch of the broker’s crypto wallet:

“We believe that crypto and the blockchain technology that underpins it will have a huge impact on global finance. Blockchain has the potential to revolutionize finance and we believe that we will see the greatest transfer of wealth ever onto the blockchain. We believe that in the future all assets will be tokenized and that crypto is just the first step on this journey. Just as eToro has opened up traditional markets for investors, we want to do the same in a tokenized world. The eToro wallet is a key part of this […] The eToro wallet today is just the beginning and we will add a whole host of additional functionality which will include supporting additional crypto and fiat tokens, crypto to crypto conversion, the ability to deposit fiat, payment in-store and more.”

CryptocurrenciesThe crypto wallet will be launched on a phased basis both in terms of users, with a country by country roll out, and functionality, In order to ensure the best customer experience for clients. Initially, users will be able to store Bitcoin, Bitcoin Cash, Ethereum and Litecoin in their eToro wallet, and other cryptocurrencies will be added over time. Only Platinum Club members will be able to transfer Bitcoin from eToro to the wallet. This also will be extended to more users and a greater number of crypto assets in a gradual manner.

eToro is one of the most active retail FX and CFD brokers in the cryptocurrency arena. The company launched its digital asset offering in the United States in May 2018. 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.

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