eToro is to make five cryptocurrencies available to own directly via its platform, as it seeks to simplify the process of buying cryptos, and help bring the technology into the mainstream.
Joining over 1,200 instruments, including Apple, Microsoft, SNAP and Facebook on the platform, clients will be able to buy the actual underlying asset of Bitcoin, Ethereum, Ethereum Classic, Litecoin and Ripple. This comes as demand for cryptocurrency trading grew fourfold in just 12 months and as the global market cap for cryptocurrencies exceeds $150 billion. In the last quarter, the business has seen over $1bn of cryptocurrency trades from its clients.
The launch is part of eToro’s wider ambition to simplify cryptocurrency investing and act as an accelerant for the adoption of blockchain technology.
Commenting on the launch, Yoni Assia, co-founder and CEO at eToro, said: “Cryptocurrencies have come of age over the last year, but buying and owning the underlying crypto asset is still very difficult. At eToro, we’ve already simplified the worlds of trading and investing, and now we have an opportunity to use our experience and expertise to simplify cryptocurrencies.
“By using our platform, investors benefit from the peace of mind that comes with our long-track record in the cryptocurrency market.”
Purchasers of the cryptocurrencies will benefit from eToro’s fast verification procedures, security processes and established reputation, alongside a user-friendly platform and access to a community of six million experienced traders and investors.
The development towards offering the underlying asset on eToro has been supported by a number of leading names within the cryptocurrency industry.
Founder of Litecoin, Charlie Lee said: “By making Litecoin available on a safe, simple, and secure platform, eToro will help increase the adoption of Litecoin among a wider audience.”
Founder and CEO of Digital Currency Group (DCG), Barry Silbert said: “By showing their support for Ethereum Classic, among others, eToro supports our position that digital currency as an asset class has not only arrived, but is here to stay.”
In July 2017, eToro launched its Crypto CopyFund trading strategy, which offers investors exposure to six of the most popular cryptocurrencies currently available, including Bitcoin, Dash, Ethereum, Ethereum Classic, Litecoin and Ripple in one portfolio.