The Israeli firm, Etoro, offers individuals the ability to purchase Uniswap, chainlink, bitcoin, and ethereum among others. It also serves over twenty million users worldwide. That’s right, it works for over 20 million users worldwide! The brokerage was able to facilitate over 15 million cryptocurrency transactions through its brokerage. You can dabble with over 15 coins on the platform and use the platform if you fall under the 140 countries that this platform serves.
The fact that this firm has burgeoning projects like Uniswap and Chainlink show that it is looking at those projects that have a wide user base. Did you know that Ethereum’s overall locked value surpasses $40 billion?
As such, it makes sense that the firm would move to add these ethereum based projects to their platform as it prepares to go public.
The multi-asset investment entity, that’s usually in the cohort of others like Robinhood. It is no surprise that it will add further tokens over the next year.
Why Is eToro Interesting?
eToro is interesting because it offers a copy trader system. You as an user can take advantage of its copytrader system by registering, depositing funds, and choosing someone who has had good returns in the past. They make trades and you replicate it.
At least, that’s what Alec Baldwin keeps on saying on TV. You’ve probably seen the ads, Baldwin shows that there is a simple option of participating in the digital asset world. You don’t have to do the research and continue to stay up to date, when others will do it and gladly let you copy them.
This is not the only intriguing aspect of eToro. It, like Coinbase, makes it as simple as possible to trade these digital assets. But unlike Coinbase, it offers a few other aspects.
The firm lets you trade without any commissions on all assets. It also offers (non U.S users) the ability to participate in various markets like currencies, stocks, and commodities. You can have quite significant trading volume, fractional shares, and general stock analysis reports.
But you will not be able to move your stocks from eToro to other places at the present moment. It does not offer equity trading for US customers at the present moment.
eToro Will Seek To Go Public in 2021
The firm will go through a SPAC merger, Fintech Acquisition Corp, via a ten billion dollar deal with technology investors like Softbank and others backing the firm. The firm has been able to gain momentum, add a large user base, refine its social trading platform and help to democratize cryptocurrency investing.
The firm was able to earn over $500 million in revenues in 2020. It also noted that trading volumes would increase over 300 percent and soar in 2020. Of course,that makes sense, crypto declined in 2018 and slowly climbed to a reasonable range before hitting a bottom in 2020 and restarting its bull run to new heights! It is safe to say that 2020 was a great year for Coinbase, Robinhood and others that offer the ability to dabble with cryptocurrency.