Social Trading Platform eToro Considers IPO
Tel Aviv-based social trading platform eToro is reportedly meeting with investment banks as it considers an initial public offering (IPO).
According to a Financial News London report that cites bankers familiar with the situation, eToro is currently in early-stage discussions with a number of London-based financial institutions about going public. While eToro has not yet made a public comment in response to the report, insiders share that the main subject matter of the discussions has been the current regulatory climate of cryptocurrencies, and how that climate might affect investor sentiment towards eToro.
This report comes just months after 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. More recently, eToro confirmed that it 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.
During the company’s presentation at Consensus 2018, CEO and founder Yoni Assia revealed that eToro aims to gain a significant footprint in the U.S., which is largely dominated by other crypto trading platforms, including Coinbase, Circle and Abra.
“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.”