eToro Expands Cryptocurrency Trading to US Market

The new offering will initially support 10 cryptocurrencies

by Deyana Laguna
17 May • 2.5 min
In News

Israel-based virtual currency trading platform eToro revealed on Tuesday plans for expansion to the US crypto market.

The new service will initially support 10 cryptocurrencies — Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), Dash (DASH), Bitcoin Cash (BCH), Stellar (XLM), Ethereum Classic (ETC), NEO (NEO), and EOS (EOS)— with more to be added throughout 2018. Users can already register to the waiting list and the service will start in the second half of the year, eToro said in a press release.

Through the platform, US investors would be able to make crypto investments in three ways manual investments, automatically copying the trades of other traders on the platform leveraging their knowledge and investment expertise, or by investing in a Crypto CopyFund, which provides a diversified portfolio of major crypto assets. The platform will also provide access to a community feed and tools, letting them engage in conversations about cryptocurrencies and follow the investment strategies of other US users.

In the US, the trading platform will have a base in New Jersey and will be registered as a money transmitter with the Financial Crimes Enforcement Network (FCEN).

The US branch will be led by Managing Director Guy Hirsch, who previously served as Director of Innovation Strategy at Samsung. "We are quickly moving toward a tokenized world, and digital investment platforms need to provide access to the assets investors want, allow the sharing of knowledge, and make transactions easy.”

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eToro CEO
Yoni Assia also commented: “Were excited to make our platform available to US users, who have shown a strong enthusiasm for participating in these growing markets. Within the platform, our US users will find rich knowledge and insights into how to effectively trade and invest in cryptocurrencies,

Assia made two further announcements about eToro’s expansion during a speech at the biggest yearly event in cryptocurrencies Consensus 2018 in New York on Tuesday. The company plans to launch a cryptocurrency wallet, which will allow users to buy, send and receive cryptocurrencies. Later this year, eToro will also introduce a crypto-to-crypto exchange, which will allow for the trading of a wider range of cryptocurrencies and tokens as well as the ones already offered on the platform.

eToros entrance into the US market comes just two months after the company announced a USD 100 million funding round to support its global expansion as well as the development of blockchain-based technologies. This new investment brings the total capital raised by the company to USD 162 million since their inception back in 2007.

eToro currently serves over 10 million registered users across 140 countries, including the United Kingdom, Australia, Germany, Switzerland, and France. It offers a multi-asset web-based investment platform that lets users easily buy, hold and sell assets, including ETFs, stocks and cryptocurrencies. The platform comes with social trading functionalities that allow novice investors to follow and copy the trades of more experienced traders, who in return earn money.