eToro New CopyFund for Bitcoin and Ethereum

Announcements, Blockchain, FinTech, Innovation, Investing, News, Regulation | June 7, 2017 By:

Social trading network eToro is expanding the offering of its investment CopyFund products with bitcoin and ethereum.

CopyFunds are a new generation of investment products that allow traders to develop and follow investment portfolios on various market strategies. Each CopyFund has a unique market strategy and bundles together financial assets of any kind, under a chosen strategy or theme.

The move comes as the total market cap of all cryptocurrencies hits $100bn and as eToro sees the number of users trading cryptocurrencies grow four-fold in just 12 months.

eToro CopyFunds allow users to invest in predefined market strategies while leveraging the wisdom of the crowd. Top Trader CopyFunds and Market CopyFunds give investors access to the top performing strategies from eToro’s global community of investors. By creating diversified investments, they help investors minimize long-term risk and to promote opportunities for growth, according to the official release.

The company said that the new CopyFund has been allocated since Mid-April and has seen returns of over 120% since inception. eToro now has 21 CopyFunds available, all with a minimum investment of $5,000.

At first, the cryptocurrency CopyFund will invest in the two largest cryptocurrencies, bitcoin and ethereum. But in the near future, the offering will be expanded with the addition of more cryptocurrencies, such as Ripple and Dash, according to the company.

eToro also recently announced its plans to launch a pilot blockchain wallet. The blockchain wallet will allow users to see their cryptocurrency assets on the blockchain and exchange those assets across the relevant blockchains.

“Blockchain is the biggest innovation in financial services since the introduction of computers into finance, and has the potential to disrupt how all financial services companies will work in the next 20 years,” said eToro co-founder and CEO Yoni Assia. “We want to make it easy for people to own, manage and exchange assets on blockchain, that’s what the blockchain wallet is all about.”