Just after closing its $100 million series E round, the Israeli-based social fintech trading platform eToro just announced that it will be launching a cryptocurrency exchange and mobile wallet in the U.S. later this year.
“U.S. crypto holders have a strong appetite for diversified portfolios. We're committed to offering the best tools and assets to help them manage their investments all in one place.” Said Yoni Assia, eToro's CEO when announcing the launch. https://t.co/G3T5IwRHzX
— eToro (@eToro) May 17, 2018
eToro is opening up the onboarding process with a waitlist, and users can verify their registration before the official launch. This platform will initially support only ten different cryptocurrencies that include:
- Bitcoin (BTC)
- Ethereum (ETH)
- Bitcoin Cash (BCH)
- Ripple (XRP)
- Litecoin (LTC)
- Stellar (XLM)
- Ethereum Classic (ETC)
The company’s CEO, Yoni Assia, noted at his keynote speech at Consensus 2018 yesterday that they plan to add several more coins to their catalog by the end of the year.
The minimum investment on the platform required will be $25 and it will support ACH bank transfers and debit cards at launch. Credit card payments are set to be added later. Both the new exchange and mobile wallet will be introduced globally over the coming months. The eToro U.S. launch will soon enable traders to test of the exchange by using a free 100K demo account.
In his keynote announcement, Assia said:
“eToro will continue to focus on simplicity and user-friendliness so that more diverse groups will feel welcomed into the global crypto community. US crypto holders have a strong appetite for diversified portfolios and we’re committed to offering the best tools and assets to help them manage their investments all in one place.”
As expected, the company will support its full range of investment tools. eToro users can make investments by doing their research and enter them manually, or they can automatically copy the trading activity of more successful trading. The company’s platform also offers a Crypto CopyFund, that automatically spreads your investments across several different cryptocurrencies.
What most cryptocurrency platforms currently lack that eToro offers is a customizable news feed and social component. The company’s mobile app will become a one-stop-shop for all things crypto.
Users are able to follow the influential stock and crypto traders, to monitor their daily activity and trading moves. eToro also offers the ability to customize topics that show up in your news feed. With adding a cryptocurrency exchange and mobile wallet, there is nothing on the market currently like it.
eToro launched back in 2007 and has over 10 million active users worldwide, spread across 140 countries. It remains unclear when eToro will officially make its debut in the US, but Assia notes that the company’s current focus is that its operation is fully compliant with government regulations.
Cover Photo by Josh Wilburne on Unsplash