eToro, which was found by the brothers Yoni and Assia, has officially launched its social investing, as well as the trading platform for digital currencies in the United States. This move came nine months after the company has announced its plans for a US launch, according to some reports from May of last year.
The new platform will be covering 32 states
According to the sayings of the company, the new platform will enable customers in about 32 states, as well as territories in the United States to trade in 13 different cryptocurrencies. In the first quarter of 2020, the platform is going to be expanded to trade in different types of financial assets, which even include stocks. Later on during this year, the company also has some plans to launch an international crypto platform named eToroX.
Until now, eToro has over 10 million registered users. It says that its platform gives the ability to investors to share their portfolios, as well as deals with the user community, which may follow their performance. Investors for whom the crypto trading is new are going to have the ability to learn about it from the community and also from the information sources or eToro.
Crypto wallet by eToro
Together with the trading platform the company even offers a unique crypto wallet application which enables users to transfer digital currencies from their accounts on the trading platform to the private wallet. The app now supports Bitcoin or BTC, Ether or ETH, Litecoin or LTC, Bitcoin Cash or BCH, Ripple or XRP, and Stellar or XLM. The company even said that it is going to support some additional currencies in the near future.
One service which the platform is offering to users is the so-called CopyTrader, which enables them to track the investment portfolio of another user automatically, and thereby also gain exposure to the crypto trading strategy of investors with proven records. Additionally to this, eToro is offering CopyPortfolios, whereby investors may copy cryptographic asset portfolios which are built by the analysts of the company. Recently, three such investment portfolios were made available to the traders in the United States. Later in the year, eToro plans to add more portfolios too.
The CEO and co-founder, Yoni Assia, said that they are pleased to make their trading platform, as well as blockchain wallet available to its users in the United States. The traders on eToro may not just carry out deals, but they can also see what other users do, chat with one another, as well as copy the investment strategies of the investors that are the most successful ones. Now, users in the United States are going to have the ability to buy, hold and also sell cryptographic assets quite quickly, to monitor their investments portfolios in real time, and also deal every time they want to.
Pleased to be present in the US
eToro was founded 11 years ago with a vision of opening up the capital market to every investor, and right now, with more than 10 million registered users worldwide, its founders also want to open up for them the world of digital currencies. They said that they believe that blockchain technology is going to bring about a revolution in the financial world, and cryptocurrencies will be the first station the journey.
The company employs about 570 people, and 350 of them are in Israel. Last year in March, eToro completed a fundraising round of approximately $100 million for expanding into the new markets, as well as blockchain development and research. According to market sources, the valuation of the company in the round, which was actually led by the Chinese holding company called China Minsheng Financial, was $800.