Social investment and trading platform Etoro has announced the launch of its platform and cryptocurrency wallet in 30 U.S. states and two territories. In America, users will have access to invest in BTC and 12 other cryptocurrencies at launch, with more to be added throughout the year. The Etoro wallet will initially support bitcoin core, bitcoin cash, ethereum, litecoin, ripple and stellar.
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Trading by Copying Others
The cryptocurrency offering by Israel-based Etoro, which already has 10 million users from more than 140 countries, allows U.S. investors access to crypto markets in three ways. First, by manually investing in a coin, secondly by automatically copying the trades of others on the platform to benefit from their knowledge and investment expertise, and thirdly by investing in its Crypto Copyfund, “which provides a diversified portfolio of major crypto assets.”
Yoni Assia, chief executive officer of Etoro, stated that users can “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.” Experienced traders can be copied and rewarded for their performance, but only after sufficient risk analysis and evaluation, Assia explained.
Customers of Etoro outside the United States are currently able to trade in more than 1,500 asset classes and markets including stocks, bonds, cryptocurrencies, fiat currencies, and commodities, Techcrunch reported.
Etoro operates as a trading platform, social network and educational resource, allowing anyone to see, comment and copy from the trade history of others before actually making their own investment. Users are also able to share, engage with or follow particular individuals, assets or markets, allowing them to take part in emerging debates aligned to their areas of interest.
Etoro’s Multisig Crypto Wallet
Within the U.S., the company has also launched its multi-signature digital crypto wallet where users can store, send and receive several cryptocurrencies including BTC, BCH and XRP. Through their Etoro accounts, customers can now transfer crypto to and from their trading account and can also “convert between different coins with a click of a button,” the company revealed. Etoro is planning to add further currencies to its crypto wallet.
Etoro, which is entering into a market dominated by the likes of Coinbase and Robinhood, said it is not put off by the so-called crypto winter, and is entering the U.S. market with a long-term view. Assia, the company CEO, told Techcrunch:
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.
Etoro first announced its planned expansion into the cut-throat US. market in May 2018.
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