The Israel-based social trading and investing platform, eToro, is all set to launch a cryptocurrency exchange along with a mobile wallet and has confirmed its plans to expand to the US.
The company has already opened the waiting list for U.S investors interested in trading digital currency. Currently, the company has enabled only ten cryptocurrencies including bitcoin, litecoin, Ethereum, XRP, bitcoin cash, Ethereum classic, dash, NEO, stellar and EOS. The launch is expected by the first half of 2018, with more digital currencies planned to be added throughout the year.
Yoni Assia, the CEO stated that the users will be provided with all the tools they would require to take part in crypto markets, and the firm will cater to every user regardless of their expertise in digital currencies. The platform would facilitate users to experience the user interface and make a virtual portfolio to partake in mock cryptocurrency investments before going live. The virtual portfolios can also be matched with those of top investors on the platform.
Along with a cryptocurrency exchange, eToro is also planning to start a corresponding mobile wallet for its users this year. Top traders on eToro have the feature of making their portfolios transparent and free for other users to follow and invest according to their financial estimate. Using this feature, top traders can earn extra income.
The exchange will focus more on individual investors and apart from that would provide bonus trading options for institutional investors. The firm, which also deals with trading in stocks, commodities as well as traditional assets, also has an impressive social facet. In eToro, users have the added option of following top traders, trending topics and have customized news feeds, much similar to Facebook.
The platform will enable users to invest in the crypto markets by manually investing in a particular coin, by investing in ‘Crypto CopyFund’ which will provide a diversified portfolio of maker assets or by following and copying the portfolios of influential traders on the platform. Debit cards and Automated Clearing House (ACH) can be used, with a minimum investment of $25. Credits cards are not yet supported but steps are being taken to enable it later.
eToro’s U.S offshoot is set to be based in New Jersey and will be registered with the Financial Crimes Enforcement network for money transmission. The platform is also planning to have its own cold storage units for the clients, in a bid to move crypto keys offline. A digital asset wallet to receive and send digital currency is also set to launch.
Since its establishment in 2007, eToro has a strong market presence across 140 countries including U.K and other European countries like Germany, France and Switzerland and has more than 10 million registered users.