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eToro Proves Cryptos are a Gateway to Stocks as It Reaches Out to 13M Users

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On May 14, 2020, eToro announced that it had reached 13 million registered users globally, with the platform seeing a surge in new users.

The multi-asset investment platform, which enjoys a high profile within the crypto space, enables virtual assets such as BTC to be traded alongside stocks, ETFs, and commodities. This gives the eToro a unique view of the health of both industries. 

According to today’s statement, these new users made their first deposit during the four months of 2020, while stock trading has tripled since the beginning of the year. 

Yoni Assia, CEO and co-founder of eToro, explained that the Coronavirus induced market volatility has been a focus for media globally and has brought the topic of investing increasingly onto people’s radars. 

This has brought a large increase in trading volumes on eToro since the start of 2020. 

Diversification is Key for eToro

Acquisitions were a major trend for crypto exchanges last year, with Circle offloading Poloniex in a deal suspected to be arranged by Tron’s Justin Sun. Similarly, Binance took up a stake in derivatives exchange FTX. 

eToro was not exempted from this, as it went on to acquire Firmo in March 2019 so as to accelerate the growth of tokenized financial assets on the platform.

Moreover, as we reported on Nov. 7, 2019, eToro delved deeper into the crypto market by closing a $5M deal with Delta, a crypto portfolio tracker app.

In today’s statement, Assia revealed that eToro is now focusing on evolving its product offering in order to keep up with changing customer demands, and that the company remains on the lookout for further acquisitions. 

The Platorm Targets for Crypto Investments

The eToro platform enables people to invest in the assets they want, from stocks to crypto assets. 

On the crypto side, the investment platform has recently launched eToroX, which is a regulated crypto exchange, providing them with a secure platform to trade crypto and tokenized assets on the blockchain.

In a statement made to reports in 2019, eToro CEO Assia revealed that a lot of people who joined the platform in 2017 at the peak of crypto’s popularity had stayed and went on to diversify into other areas such as stocks. 

He thus noted that crypto assets are often a gateway to investing for many people on the eToro platform. 

Wayne Jones
Wayne is a Blockchain enthusiast and expert in crypto trading. Currently, I cover trendy issues on digital currencies.

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