eToro in bullish mood with US cryptocurrency exchange launch

Social trading platform eToro is broadening its expertise with its entrance into the cryptocurrency exchange market, the launch of a mobile wallet, as well as an expansion into the US market, reports Julie Muhn at Finovate.

The exchange and wallet will be available across the globe, marking the company’s first availability in the US market, where eToro will offer ten different cryptocurrencies, including Bitcoin, Ethereum, Litecoin, XRP, Dash, Bitcoin Cash, Stellar, Ethereum Classic, NEO, and EOS.

There is currently no date set for the launch of the crypto exchange and mobile wallet, but eToro says the features will be “gradually introduced globally over the coming months”.

eToro CEO Yoni Assia says: “US crypto holders have a strong appetite for diversified portfolios.”

The firm has been serving the European region since it was founded in 2007, and this is the company’s first foray into the US market. The service will only be available in a select number of US states, including California.

The lag time is attributed to regulation – each state has varying cryptocurrency laws and it is unclear if some tokens are considered securities that must be registered with the US Securities and Exchange Commission (SEC).

Leading eToro’s US launch is Guy Hirsch, who previously served as director of innovation strategy at Samsung.

eToro joins the cryptowallet space as a competitor to exchange platform CryptoPay, which recently began offering cryptocurrency investment tools (a product eToro launched in 2014) and is now seeking to apply for a federal banking licence.

eToro has raised $100 million in Series E funding, which it announced in March, that more than doubled its funding to $162 million.

And it hints at more releases to come: “As major as these announcements are, we have even more to offer and our clients can be sure we will have some more exciting announcements for them in the near future.”