Social trading brokerage eToro is launching a brand new initiative. The company is opening up to the massive US market to deliver its cryptocurrency trading products in the land of the free. The forex and CFDs industry is facing an enormous burden with prohibitive capital requirements. Those only left a couple of brokers operating in the US, and the cryptocurrency industry which is still loosely regulated is wide open to tap the market across the United States.
eToro will start its operations in the US with a waiting list which will be gradually expanded. Clients from across the Atlantic will have the option to register ahead of the platform going live. eToro’s users will gain access to a demo trading environment.
The US subsidiary of eToro will start with 10 cryptocurrencies: Bitcoin, Ethereum, Litecoin, XRP, Dash, Bitcoin Cash, Stellar, Ethereum Classic, NEO, and EOS. The company has plans to introduce more cryptocurrencies throughout 2018. eToro’s move comes as the company has committed to offer only cryptocurrencies that are traded physically.
The Plan Ahead
Yoni Assia shared that the company is strongly committed to the US market and has been able to invest in such a venture thanks to its latest $100 million funding round.
“eToro is one of the leading online brokers that combines multiple asset classes. We see tremendous opportunities in the US crypto space. We believe that an expansion into the US is only a natural next step for our company,” Mr Assia shared.
The company has been working closely with regulators around blockchain and cryptocurrencies and eToro USA is registered as a money transmitter in the US.
“We are looking at all the required regulatory processes in order to operate in the US. Our recent $100 million find raising effort allows us to expand geographically and enabled us to setup eToro in the US as well as to launch our crypto to crypto exchange and wallet. We have always thought that this is a very big endeavour especially for a company that is coming from Europe into the US, but we have the resources and the passion to execute our plans,” the CEO of eToro explained.
The company has appointed Guy Hirsch as USA Managing Director. Commenting on the prospects for the cryptocurrency industry he shared: “We are quickly moving toward a tokenized world, and digital investment platforms need to provide access to the assets investors want, allow the sharing of knowledge, and make transactions easy.
eToro’s clients in the US will be able to choose manually how to invest in a given coin. They can either automatically copy the trades of other traders on the platform or invest in a crypto CopyFund which provides a diversified portfolio of major crypto assets.
(Photo: White House by Shealah Craighead)