The social investing platform that focuses mainly on retail traders is now setting up a new over-the-counter (OTC) trading desk in London. It is to make crypto products available to hedge funds and institutional investors.
New Cryptocurrency trading desk
Etoro, the social trading platform has recently announced that is setting up an OTC trading desk in London. The Etoro is connected to 15 cryptocurrency exchanges and there is huge growth in the business since it started offering crypto services. In 2017, eToro partnered with Coindash to develop social trading using blockchain technology.
In addition, it was founded in 2006 and is regulated by UK FCA and Cyprus SEC in Europe. Recently, it expanded into US market offering ten digital currencies to new users as well as its registered users are more than 10 million so far.
Yoni Assia, CEO of eToro said,
“We’ve actually set up our corporate team here in the UK to start setting up accounts to trade on eToro. We’ve announced that we’re launching the exchange as well so, between the exchange and the OTC desk. We’re also starting to serve more potential institutions and financial institutions. And, we see more and more public market players and big banks who are interested in this space. We feel left out because they’re not allowed to invest in crypto or ICOs”.
eToro, a social trading platform is one among the high profile financial providers to offer cryptocurrency products to institutional investors including Coinbase, SBI Holdings, and Fidelity Investments. Moreover, the market space is largely availed due to the standby of banks in providing crypto services to investors. Certainly, the BIS (bank for international settlements) is also called “Central Bank of Central Banks”, issued a disapproving report on cryptocurrencies via supreme central bank. Therefore, it is unlikely to have anything positive about its direct competitor.
Yoni Assia added;
“I think there is growing institutional demand and interest of public investors to understand whether they can join the party. That is something we definitely see out there. We see more and more public market players and big banks who are interested in this space. And feel left out because they’re not allowed to invest in crypto or ICOs”