Cryptocurrency News Today. Residents in the United States will now have access to unique trading services provided by eToro. The social investment and crypto trading platform announced Thursday that it was launching in 30 states and two territories in the U.S.
Following the announcement, American traders join over 10 million other traders from 140 countries which are already on the platform. They will be able to invest in 13 cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC) immediately after the launch. Other top cryptocurrencies available include Ripple (XRP), Bitcoin Cash (BCH) and Stellar (XLM).
How eToro is Unique to other Crypto trading platforms
eToro is one of the biggest trading and social investment brokers in Europe known for high-risk products like the CFDs derivative trading. Based in Isreal, eToro is regulated in the UK and Australia.
For its cryptocurrency trading and investment platform, eToro offers its innovative features that allow users to automatically copy trades of other users on the platform. It also brings in the crypto version of its trademark “Copyfund” which provides an automatic diversified portfolio of major crypto assets and copy trading patterns of selected users. Crypto users can also invest manually like in other trading apps.
According to a report on technology news site TechCrunch, eToro plans to expand its crypto investment offerings to other states in the U.S. pending regulatory approval. The offering is still limited to crypto-crypto trading at launch though the company plans to extend it while also increasing the number of available crypto assets. Outside the U.S., eToro users have access to 1,500 asset and markets including stocks, bonds, cryptocurrencies, commodities, and fiat currencies.
Remarks by eToro’s Chief Executive Officer
The CEO of eToro Yoni Assia said of the launch:
“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.”
“ … [Users] collaborate with other crypto traders when making buying and selling decisions [as well as] adjust their trading strategies by watching and learning from others on the platform.”
He went on to explain that his platform was different from other trading apps in the U.S. in the sense that it is a trading app, a social app and an educational app in one.
When I founded Etoro, I envisioned a community where people could trade, invest and share their knowledge in a simple and transparent way. Etoro also acts as a bridge between the old world of investing and a blockchain-powered future, helping our users navigate and benefit from the transition to crypto assets for wealth building.
Per the announcement, the eToro launch also includes a digital cryptocurrency wallet with features including multi-signature (or multisig).