eToro launching cryptocurrency platform! eToro, the social investing and trading platform, announced that it will be expanding to the US via 30 states and 2 territories. eToro already operates in more than 140 countries.
eToro US will only support trading for cryptocurrency at the beginning of launch, but eToro plans on adding additional assets within the year. eToro currently has 10 million plus users trading 1,500 different asset classes and markets, including stocks, bonds, cryptocurrencies, fiat currencies, commodities, and more.
eToro also supports more advanced trading strategies, including short-selling and leverage trading. eToro’s transparency and community engagement, however, act as great tools for beginners to learn the capital markets and learn how to trade.
eToro is, simultaneously, a trading platform, social network, and educational resource. Users can see, comment, and copy the trading activity of everyone else on the network. This enables learning from the strategies of peers – users can also train and invest with virtual currency to practice and train before using real money.
Despite being limited cryptocurrency at launch, almost all of the same features available to other geographical users of eToro will be made available in the US. eToro has also announced that they are launching its digital multi-signature eToro wallet. This wallet can store, send, and receive multiple coins across a multitude of cryptocurrencies.
US Users can now transfer cryptocurrencies to and from their trading account and easily convert between them as well. The eToro wallet will initially support Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Ripple, and Stellar for US users, but more will be made available to US users in the future.
eToro is entering a competitive marketplace – Coinbase and Robinhood – and is currently fighting an uphill battle with the so-called “crypto winter”, a moniker for the current bear market.
eToro’s moves into the cryptocurrency market in the US represents its long-term strategy and isn’t being swayed by current cryptocurrency weakness. Just like the internet, crypto will go through its popped bubble, if not already, and eventually disrupt the economy in the long run.
eToro was the first platform in its markets to support Ethereum and Ripple and believes that as the next generation of investors mature, eToro will be there to support them.
“When I founded eToro, I envisioned a community where people could trade, invest, and share their knowledge in a simple and transparent way,” said Assia, the founder and CEO of eToro. “eToro also acts as a bridge between the old world of investing and a blockchain-powered future, helping our users navigate and benefit from the transition to crypto assets for wealth building.”
What do you think? Do you currently use eToro or do you plan to? What do you like about the platform? What are you looking forward to? Has this crypto winter buzzed you out? There are others who think long term that crypto will survive! Let us know what you think on our Facebook page!