Social Crypto Trading Platform eToro Plans Expansion Into U.S.
Israel-based social trading platform eToro plans to expand to the United States later this year, enabling U.S. citizens to trade on the company’s popular app for the first time. In the announcement, which was made by CEO and founder Yoni Assia at Consensus 2018 in NYC and covered by Bitcoin Magazine, it was revealed that the company is opening an office in New Jersey.
“We believe we are going to see trillions of dollars moving into crypto and blockchain assets, and as we are one of the largest players in Europe and expanding to Asia as well; it seems logical to also have a significant footprint in the U.S.”
eToro closed a $100 funding round in March, where it announced that it planned to use the new capital to fund expansion into new markets. The company, which is a regulated global brokerage for trading stocks, commodities, and cryptocurrencies, plans to only offer crypto trading to U.S. citizens at first.
With this latest move, eToro will be better able to compete with the growing number of firms in the space, including Coinbase, Circle, Robinhood and Abra. Each of these competitors has established trading platforms currently available to U.S. citizens, making the task of entering the new market a fairly difficult one for eToro. Additionally, UK-based Revolut recently announced plans to launch in the United States, Canada, Singapore, Hong Kong, Australia and New Zeland this year.
eToro currently offers 10 cryptocurrency trading options, including Ethereum, Stellar and Neo. The platform is notably different from most existing exchanges due to the focus on social investing. The concept is similar to Motif, but eToro actually lets users build and communicate with their community, and users can ‘copy’ the trades of successful or famous investors.