eToro to Release Crypto Wallet and Expand to the US Ahead of Exchange LaunchJul 10, 2018, 1:53PM
The social trading platform eToro will release a crypto wallet in the coming months in preparation for their exchange launch later this year.
eToro, a social trading and multi-asset brokerage company, has announced that they will release a cryptocurrency wallet in preparation for the trading platform they plan to launch in the fourth quarter of 2018. eToro currently offers several stocks and crypto assets, most recently adding Cardano to its selection. Earlier reports indicated that the wallet will be released at the end of July or early August.
The move is an attempt by the company to keep up with the times, as eToro senior market analyst Mati Greenspan said in an interview. Alongside Greenspan, eToro's UK Managing Director Iqbal V. Gandham also said the move into cryptos is natural given that he believes cryptocurrency can and will indeed go mainstream.
Perhaps the thing that will ultimately tip cryptocurrencies into [the] mainstream is the issue of cross-border payments. Cryptos are cross-border by design, enabling wealth to be transferred far more easily. The potential for this to be a leading use case looks very strong. /eToro's Iqbal V. Gandham
Once they establish a U.S. wallet and exchange, eToro will have access to one of the largest cryptocurrency markets in the world. Before they do so, however, they will have to go through several regulatory processes to establish trading licenses in the United States. The wallet is seen as a small step in the right direction.
eToro currently offers a total of 13 cryptocurrencies for sale on its social trading app. The company is also looking to open an Over-the-Counter Desk in London, aimed at assisting institutional investors in adding cryptocurrencies to their portfolios. They join several other current institution-level projects in the cryptocurrency market.
Disclaimer: information contained herein is provided without considering your personal circumstances, therefore should not be construed as financial advice, investment recommendation or an offer of, or solicitation for, any transactions in cryptocurrencies.