Social Investing Platform eToro Launches Services In 32 U.S. States
Leading social investing platform eToro has launched its digital asset trading and wallet services in the U.S.
Announced on Thursday, the startup’s new offering will allow U.S. clients from 32 states and territories the opportunity to trade in 13 unspecified crypto assets.
The firm has also revealed that a multi-asset trading platform would be ready for launch in the first quarter of next year.
Through eToro’s “social” trading platform, users are able to recreate other traders’ bets via the startup’s easy to use CopyTrader and CopyPortfolios features.
In its latest offering, eToro will unveil three more CopyPortfolios, although the crypto trading platform did not give any additional details concerning this.
Co-founder and CEO of eToro, Yoni Assia, said that users will be able to collaborate with other cryptocurrency traders when “making buying and selling decisions.”
He added that clients could still be able to modify their trading techniques or strategies simply by “watching and learning” from what other platform users were doing.
Any eligible eToro user boasting an “established” track record, the firm noted, could be “copied and compensated” in relation to their performance. However, this (compensation) will be subject to a “risk analysis and supplemental evaluation.”
The platform has also launched a multi-signature cryptocurrency wallet service for the U.S. market, with the new service able to support six cryptocurrencies.
Compatible digital assets at launch include bitcoin (BTC), bitcoin cash (BCH), Ethereum (ETH), Litecoin (LTC), XRP, and Stellar (XLM)- with the platform expected to add support for more coins in coming days.
According to eToro, registered users will have direct access into the wallet and will be able to trade and transact in cryptocurrencies.
Another benefit users will have is the ability to “convert between different coins with a click of a button.” Users will be able to send or receive cryptocurrencies via a QR code or when they share their wallet addresses.
The move to launch its services in the U.S. comes after eToro’s announcement last May that it would be rolling out a cryptocurrency trading platform and mobile wallet for the U.S. market.
eToro had, at the time, announced that its new platform would allow users to trade in up to 10 cryptocurrencies- Bitcoin (BTC), Litecoin (LTC), Bitcoin Cash (BCH), Ethereum (ETH), Ripple (XRP), Stellar (XLM), Ethereum classic (ETC), Dash (DASH), NEO (NEO) and EOS (EOS).
The firm is also looking at launching a cryptocurrency exchange targeting the global user base. According to the firm, the new platform will be called eToroX.
eToro describes its vision as one that targets “disrupting traditional money management” with the aim of creating an open financial market.
The firm, founded in 2006 by Ronnen Assia, David Ring, and Yoni Assia, has reportedly raised $222 million in multiple funding rounds since 2007.
Disclaimer: This is not investment advice. Cryptocurrencies are highly volatile assets and are very risky investments. Do your research and consult an investment professional before investing. Never invest more than you can afford to lose. Never borrow money to invest in cryptocurrencies.