eToro, which operates a social investment platform, announced some interesting developments at the Consensus 2018 blockchain conference in New York this week. eToro founder and CEO Yoni Assia announced that the company was expanding its operations to the US, and that by the end of the year it would launch a digital wallet and an exchange desk in cryptocurrencies.
“Consumers all over the world should have access to the tools they need to participate in cryptocurrency markets, regardless of their expertise," Assia said.
As reported by "Globes", last March eToro completed a $100 million financing round which it said was intended for further expansion into new markets, blockchain R&D, and digitization of its assets. Sources close to the company said the round was at a company valuation of $800 million. The round was led by China Minsheng Financial and with the participation of Korea Investment Partners, SBI Group and World Wide Invest.
eToro was founded in 2007 by brothers Yoni and Ronen Assia and David (Dudu) Ring. It describes its trading platform as a social network for investors - an online trading platform in stocks, bonds, commodities, and also digital currencies that enables users to discuss their portfolios, to see what others are trading in and to adopt or copy their trading strategies. eToro says the platform now has 10 million users in 140 countries. It has raised a total of $162 million in five financing rounds.
The company is opening a waiting list for US investors who wish to trade via its platform in the digital currencies Bitcoin, Ethereum, Ripple, Dash, Litecoin, Bitcoin Cash, Ethereum Classic, Stellar Lumens, and NEO. Until recently, trading in cryptocurrencies on eToro was fairly limited, and was initially restricted to CFDs (contracts for difference) on Bitcoin. Only in early 2017 did eToro enable its customers to buy and sell Ripple, Etherium and Litecoin coins.
In the next stage, which the company says will be completed in the course of 2018, it will launch a crypto exchange and a digital wallet for holding digital currencies. The new exchange will also facilitate OTC trading in cryptocurrencies for investment institutions.
Published by Globes [online], Israel business news - www.globes-online.com - on May 17, 2018
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