eToro to Expand to US as Soon as Regulators Approve, Will Launch Its Own Wallet Too

eToro presently has offices in the UK, Cyprus and Israel and works with customers from over 140 countries around the world. Now it is finally expanding to let American investors join the platform too.

Citizens of over 30 American states will be able to use the platform as soon as eToro is approved by local US regulators.

eToro plans to gradually increase its asset range

TechCrunch reports that at the very start of its work in the US, the platform will only trade a limited number of crypto coins. Within a year, it expects to add other types of assets.

Presently, in the markets that eToro has already covered, the exchange offers investors operations with more than 1,500 various classes of assets.

That includes traditional securities like stocks and bonds, commodities, as well as virtual coins. Customers can also use leverage trades and short-selling.

Since eToro is a sort of a mixture of a platform for trading, an educational website and a social network, pure beginners in trading can gain experience and learn stuff about markets and how to trade.

On this platform, users can exchange comments, share data and trade, as well as chat with other traders.

US clients will be able to use the newly-launched eToro wallet

Apart from the trading platform itself, the company also plans to let its users (not only in the US) utilize its own eToro-based wallet with a multi-signature system.

It enables investors to keep coins, transfer them and receive various types of altcoins on it.

Initially, the wallet will provide support for BTC, LTC, XRP and a few other coins. The company has developed the wallet only recently — in December 2018 they received an official license for it.

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Local competitors

By rolling out in the US, eToro will be competing with such giants of the crypto industry as Coinbase and the popular Robinhood trading app. Besides, the company will be starting its business in the US in the middle of the so-called crypto winter, which might mean great losses — it has already made many startups either leave the market for good or make huge redundancies to their staff.

Still, the eToro team believes that the technology of tokenizing assets has great potential. Thus, they expect that working in the US, which they believe to be the global financial hub, will make this expansion successful.