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eToro Launches Crypto Trading Platform Across 30 States in the U.S
Popular social investing and trading platform eToro is now looking to enter the U.S. market. With a presence in over 140 countries around the globe, eToro serves over 10 million registered users on its platform. With the U.S. being one of the most active markets for trading crypto assets, eToro plans to tap the good business opportunity available here.
“We think [the tokenization of assets] is a bigger opportunity than the internet and we have to be in the U.S. when it happens, given it’s the financial hub in the world,” eToro founder and CEO Yoni Assia told TechCrunch.
Thus, eToro will offer its services across 30 states and two territories in the U.S. Also, it will offer 13 cryptocurrencies for trading during the launch of the platform. At a later stage, the company plans to offer a trading facility for all top 20 cryptocurrencies by market cap. However, “regulatory constraints” have caused eToro to hold back on its decision.
eToro founder and CEO Yoni Assia says that the company is slowly adapting to the U.S. regulations. Also, the company has just got the FinCEN approval and other money transfer licenses, he says. Furthermore, the U.S. still lacks a national regulatory policy for crypto assets, and each state has a different policy of its own. Thus, the expansion process will take some time.
eToro’s “Social” Model
Besides being a trading platform, eToro is also a social network and educational resource. Users who have signed up to the eToro platform can have a look into the trading strategies of others. Learning from these trading strategies, customers can also have a hands-on trading experience using eToro’s virtual currency without risking actual money.
eToro founder Assia notes that during its launch in the U.S, users can “collaborate with other crypto traders when making buying and selling decisions”. They can also “adjust their trading strategies by watching and learning from others on the platform.”
Also, existing customers with “established” track record will receive some compensation based on the popularity of their strategy. However, it will be “subject to risk analysis and supplemental evaluation”.
eToro’s Multi-Signatures Wallet
Besides its crypto trading platform, eToro also plans to launch its multi-signature wallet in the U.S. This would allow users to store, send and receive multiple tokens across the range of cryptocurrencies. At launch, its multi-sig wallet will support six cryptocurrencies. This includes Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC), XRP and Stellar (XLM).
The company notes that existing eToro users can directly log in to the wallet to transact and hold their digital assets. Moreover, they can also “convert between different coins with a click of a button”. Exchange of cryptocurrencies can also happen just by using QR codes or through wallet addresses.