eToro, the social investing platform, is launching a full-fledged cryptocurrency exchange and mobile wallet and expanding into the United States.
eToro is set to launch a cryptocurrency exchange in the US by the end of the year. The platform will also have a wallet for users when it gains approval, the broker said on Tuesday.
Announced Tuesday, the Israel-based company has opened the waiting list for people in the U.S. who want to trade bitcoin, ethereum, litecoin, XRP, dash, bitcoin cash, stellar, ethereum classic, NEO, and EOS.eToro will offer trading and exchange services in these virtual tokens.
“Consumers all over the world should have access to the tools they need to participate in cryptocurrency markets, regardless of their expertise,” CEO Yoni Assia said in a press release.
“eToro will continue to focus on simplicity and user-friendliness so that more diverse groups will feel welcomed into the global crypto community,” said the Chief Executive Officer and co-founder, Yoni Assia, adding that the company will focus primarily on the individual investors and traders.
“If the market is bitcoin, then every time there is a mention about bitcoin by some other user you’ll be able to see that in your news feed. You’ll be able to comment on that, share that or like it. Similarly, you can start a conversation about bitcoin, then other people who have bitcoin on their watch list will be able to see your post,” Guy Hirsch, eToro’s U.S. managing director, told CoinDesk.
The eToro U.S.A. entity is registered with the Financial Crimes Enforcement Network as a money transmitter and will be based in New Jersey.
The Tel Aviv, Israel-based startup that was launched in 2007 has successfully raised more than $162 million, and has more than 10 million global users across Asia, Europe and the Middle East. eToro has various entities registered at different locations for the necessary regulations. eToro Europe Ltd. is authorized and regulated by the Cyprus Securities Exchange Commission and eToro UK Ltd. is authorized and regulated by the Financial Conduct Authority, according to the company’s website.
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