Using their eToro accounts, U.S. users can now transfer cryptocurrencies to and from their trading account and can easily convert between them, as well. The wallet initially will support Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Rippleand Stellar for U.S. users, but the company plans to make additional currencies available in the near future.
EToro users can make transactions and share trading activities and portfolio performance with the community, allowing users to discuss ideas that are executed using real dollarsThe expansion plan, however, doesn’t come without risk. EToro is entering a competitive marketplace — alongside other popular trading platforms like Coinbaseand Robinhood— and is launching its crypto-only version in the midst of “crypto winter,” where widespread weakness has plagued the sector.Part of the strategy is attributable to the fact that crypto is a lighter lift from a licensing perspective relative to other asset classes in the strict and highly fragmented U.S. regulatory environment. But eToro’s launch strategy is also firmly rooted in the company’s belief in the immense market opportunity that exists with the tokenization of assets.
- Winter '20