eToro, the leading global trading and investing platform, will make five cryptocurrencies available 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 $160 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 catalyst for the adoption of blockchain technology. Purchasers of the cryptocurrencies will benefit from eToro’s fast verification procedures, security processes and established reputation, alongside a user-friendly platform.
The development towards offering the underlying asset on eToro has been supported by a number of leading names within the cryptocurrency industry like Charlie Lee, founder of Litecoin, who said:”“By making Litecoin available on a safe, simple, and secure platform, eToro will help increase the adoption of Litecoin among a wider audience.””.
eToro is regulated by both CySEC in Europe and the FCA in the UK.