Etoro Launches Fiat-to-Crypto Trading Platform In More Than 30 States In US

Author: Sohrab Khawas

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    A social trading platform, etoro is launching in more than 30 states in U.S. However, the platform has a powerful existence in more than 140 countries around the world. Currently, the platform hosts to at least 10 million clients.

    The CEO, Yoni Assia pronounces that many of the etoro features are available on day one. This also includes the CopyTrader, which allows users to follow the trading habits of people with good track records.

    As U.S. is the most actively trading cryptocurrencies, eToro may capitalize on large volume. The CEO, Yoni Assia said in a comment

    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 Future Plans

    The trading platform may take along its services to 30 US states along with other two regions in U.S. Initially, the users can buy and sell 13 digital assets. It also has plans for its future to increase the number of states. It plans to own top 20 cryptocurrencies based on their market capitalization.

    Due to some regulatory constraints, the company withholds the decision for now. Recently, the firm granted a FinCEN along with other money transfer licenses. The likes of Coinbase and Robinhood dominated eToro. The platform said it is not put off by the crypto winter. It is also entering the U.S. market with a long term goal.

    eToro CEO, Assia, told Techcrunch that

    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.

    The plan was first announced in the cut-throat US market in May 2018.

    What is your opinion on this eToro launch in US? Share your thoughts on our Twitter and Facebook pages.

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