eToro Raises 100 million U.S. dollars to Create Cryptocurrency Exchange and Wallet
EToro (eToro), a global social investment network platform established in 2007, has announced that it will launch an international cryptocurrency exchange and mobile wallet for the first time in the United States.
100 million U.S. dollars of E-finance funds will be put into use soon
At the Consensus 2018 conference in New York, eToro CEO Yoni Assia confirmed the news. They will provide US traders with 10 cryptocurrency trading pairs.
He said, “The cryptocurrency holders in the United States have a strong interest in diversifying their portfolios.”
The ambitious plans of the platform are not unexpected because they just completed a $100 million E-round round of financing in March this year.
Prior to this, eToro company has revealed that they are serving 9 million users in more than 180 countries and regions.
The E-round financing of this platform was led by China Minsheng Capital, Japan SBI Group, Korea Investment Partners Co., Ltd. and global investment capital.
Samsung executives lead eToro’s US operations
As the United States has extensive regulatory oversight of transactions, the company will create an eToro US subsidiary led by Samsung’s former Director of Innovation Strategy, Guy Hirsch.
“We know that there is a strong demand in the U.S. for crypto and we are excited to be able to offer U.S. investors the opportunity to learn about and invest across multiple cryptocurrencies.”
It is unclear how the company intends to deal with obstacles in the United States, such as BitLicense, a cryptographic currency trading license required by New York State regulators, which has allowed many cryptocurrency operators to refuse to provide services to residents of the state.
The wallet and exchange will see a gradual rollout “over the coming months,” the former “eventually” being available for both Android and iOS devices.
In addition to the standard features, the wallet will also contain “other features” that have not yet been explained.
image via eToro.com