Social Trading Network eToro Expanding Cryptocurrency Offering To USbr>
Israel-based social trading network eToro will be launching a cryptocurrency offering in the United States, enabling US-based users to invest in ten cryptocurrencies initially.
eToro announced on Tuesday at the Consensus conference in New York that the company will start its operations in the US with a waiting list. Ahead of the platform going live, users will be able to experience the interface and perform mock cryptocurrency investments via a virtual portfolio. It will initially support bitcoin, ethereum, Litecoin, XRP, Dash, Bitcoin Cash, Stellar, Ethereum Classic, NEO, and EOS. eToro intends to integrate several more cryptocurrencies throughout 2018.
The US subsidiary of eToro will offer US investors three ways to access the crypto markets: by manually investing in a coin, by automatically copying the trades of other traders on the platform to benefit from their knowledge and investment expertise, or by investing in a Crypto CopyFund, which provides a diversified portfolio of major crypto assets.
“We believe we are going to see trillions of dollars moving into crypto and blockchain assets, and as we are one of the largest players in Europe and expanding to Asia as well, it seems logical to also have a significant footprint in the US,” said Yoni Assia, eToro CEO and founder.
The company is currently in talks with US financial institutions, regulators and regulatory advisors, and has already registered with the Financial Crimes Enforcement Network (FinCEN).
“We are looking at all the required regulatory processes in order to operate in the US,” Assia said. “Our recent $100 million find raising effort allows us to expand geographically and enabled us to setup eToro in the US as well as to launch our crypto to crypto exchange and wallet. We have always thought that this is a very big endeavour especially for a company that is coming from Europe into the US, but we have the resources and the passion to execute our plans.”
Founded in 2007, eToro is a regulated global brokerage firm for trading cryptocurrencies, stocks, commodities, ETFs and more. It has over 10 million registered users trading more than 1,200 instruments, including Apple, Microsoft, Snap and Facebook, on the platform. In 2009, the company launched a multi-asset web-based investment platform, and has since amassed more than $162 million in capital funding and enabled its services on mobile devices.