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eToro expands cryptocurrency trading service to the US

Social trading and investment marketplace eToro today launched a cryptocurrency trading service in the U.S.

The new service, initially available in 32 states, will allow eToro users to trade 14 different cryptocurrencies as well as provide cryptocurrency storage wallets and trading data.

At the outset, the cryptocurrencies supported are bitcoin, Ethereum, Bitcoin Cash, Ripple XRP, Dash, Litecoin, Ethereum Classic, Stellar Lumens, NEO, EOS, IOTA, Cardano, Zcash and Binance Coin.

Initially, wallet support is only available for Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Ripple XRP and Stellar Lumens, but eToro promised to add support for other cryptocurrencies in the future.

Israel-based eToro was founded in 2007 as a social trading investment network that allows users to watch trading activities of other users, copy them and make their own trades. It has since spread across Europe with the newly launched cryptocurrency service its first dedicated expansion into the U.S. market.

“When I founded eToro, I envisioned a community where people could trade, invest and share their knowledge in a simple and transparent way,” eToro founder Yoni Assia told TNW. “eToro also acts as a bridge between the old world of investing and a blockchain-powered future, helping our users navigate and benefit from the transition to crypto-assets for wealth building.”

He added that Americans now will play a “major role” in shaping its community and its future. eToro first announced it was looking to offer cryptocurrency trading services in the U.S. in May.

According to Coinbase, the company also intends to launch a crypto exchange called eToroX for a global audience later this year.

While not as well-known in the U.S. as it is in Europe, eToro is well-backed. The company has raised $222.7 million to date from investors that include China Minsheng Financial Holdings, Korea Investment Partners, SBI Group, World Wide Invest, Digital Currency Group, CommerzVentures GmbH, Ping An, SBT Venture Capital and FortRoss Ventures.

The entrance into the U.S. market adds a different type of cryptocurrency trading service to an already crowded market, one that may well find a willing audience.

Image: 30478819@N08/Flickr

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