BUSINESS WATCH: What U.S. Traders Need To Know About eToro’s Launch In the USA
By Space Coast Daily // May 31, 2018
Social investment giant eToro has announced plans to launch a cryptocurrency exchange in the U.S, making them the latest European brokerage to make the move to the U.S. market. Alongside an exchange, eToro will also be offering a digital wallet and its own cryptocurrency to the United States.
The announcement of the USA eToro launch was made at Consensus 2018 in New York, following news that eToro had raised $100m USD after completing its Series E funding round. This funding was utilized to further push the global expansion as well as help to accelerate eToro’s blockchain technology developments which helps to support its digital assets.
The US has typically been seen as reluctant to adopt cryptocurrencies from a legal perspective, however, its growth in popularity amongst traders in the country could lead the way to further acceptance – and eToro’s expansion could play a key role in this.
Yoni Assia, Co-founder and CEO of eToro, said: “We believe that in the future all assets will become digitized. This will help to open the markets to everyone and enable them to invest in the assets they want in a simple and transparent way. Crypto is the first step on this journey and we are excited to share our plans to launch an exchange and wallet.”
eToro’s platform is a global community of more than ten million people across 140 countries who share their investment strategies, and the brand’s expansion to the US could provide further opportunities for US traders to buy, hold and sell assets in an efficient, real-time manner. Guy Hirsch has been appointed US Managing Director and is responsible for bringing eToro’s cryptocurrency offering to the United States. His experience at Samsung as Director of Innovation Strategy sees him as a leader in digital transformation and unified commerce.
Guy Hirsch, USA Managing Director, eToro, said: “eToro empowers investors with a platform that gives them access to the assets they want, shared knowledge and ease of transaction. We know that there is a strong demand in the U.S. for crypto and we are excited to be able to offer U.S. investors the opportunity to learn about and invest across multiple cryptocurrencies.”
It is this demand for cryptocurrency in the US that has led to eToro, amongst other European crypto-exchanges and platforms, to launch there. eToro currently offers ten cryptocurrencies including Bitcoin, Ethereum, Bitcoin Cash and more, and plan to add more coins to the platform in the coming months. The platform’s cryptocurrency to cryptocurrency exchange is set to launch later in the year.
US traders are set to benefit from three ways to access the crypto markets, through the use of eToro. These include manually investing in specific cryptocurrencies and altcoins, the ability to automatically copy the trades of others on the platform in order to learn and benefit from experienced traders’ expertise and to invest in a Crypto CopyFund.
This Crypto CopyFund offers investors the opportunity to access a diversified portfolio of major crypto assets with market cap about $1B and minimum average monthly volume of $20M. These crypto coins include the likes of Bitcoin, Ethereum, Ripple and Dash, amongst others.
eToro’s launch in the US presents an exciting opportunity for US traders to gain access to crypto markets quickly and easily, while benefitting from the expertise of other traders from around the world, on an integrated global platform. U.S. investors are able to join a waiting list on the eToro site ahead of the launch.
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