Crypto Trading Platform eToro Adds Cardano’s ADA Token

Announcements, News | June 21, 2018 By:

Social trading network eToro has added Cardano’s ADA token onto its platform, bringing the total number of crypto-assets available on the site to eleven.

eToro is a global investment platform, which empowers people to invest on their own terms. It allows social trading and investments in a variety of financial assets, including cryptocurrencies, fiat currencies, indices, exchange-traded funds (ETF), and commodities. ADA will now be available on the eToro platform alongside bitcoin, ethereum, Bitcoin Cash, XRP, Litecoin, Ethereum Classic, Dash, Stellar and NEO.

Cardano is an open source decentralized public blockchain. With its third generation proof-of-stake consensus mechanism, Cardano addresses the three major issues which have been troubling many blockchains – sustainability, scalability, and interoperability. Cardano’s ADA token aims to improve on the scaling problems of bitcoin and ethereum. ADA is currently the eighth most valuable cryptocurrency in the market. It has a market cap of over $4 billion, according to coinmarketcap.com.

The addition of ADA will allow eToro clients to purchase the cryptocurrency, with eToro acting as custodian. It will also be added to eToro’s Crypto CopyFund, which enables investors to diversify across all available cryptocurrencies (weighted by market cap) with just one click.

“We are seeing growing interest in new cryptocurrencies increasing all the time,” said Yoni Assia, Co-founder and CEO at eToro. “We are committed to bringing the top traded crypto assets onto our platform for our users to invest in.”

In March of this year, eToro raised $100 million in a Series E financing round led China Minsheng Financial. Last month, the company announced that it will be expanding to the United States and will initially allow US-based users to invest in ten cryptocurrencies.