“Hello USA!” eToro Goes Live in America

eToro is taking its social trading platform and cryptocurrency wallet to the States.

“For the first time, Americans can collaborate with other crypto traders when making buying and selling decisions,” eToro CEO Yoni Assia said. “Users can adjust their trading strategies by watching and learning from others on the platform.”

The company, a six-time Finovate Best of Show winner, demonstrated its CopyFunds for Partners technology at FinovateEurope 2017. Now known as CopyPortfolios, the solution enables investors to own a group of assets, aggregated based on specific market strategies. For the U.S. launch, three cryptoasset CopyPortfolios will be available initially.

eToro’s U.S. launch will enable customers in 32 states to trade and invest in six cryptocurrencies: BTC, ETH, LTC, BCH, XRO, and XLM. Additional cryptocurrencies are expected in the new future, with as many as 13 different digital assets and multi-asset trading enabled by the first quarter of 2020.

Left to right: Tal Ben-Simon (VP of Product) and Yoni Assia (CEO & Founder) demonstrating social trading technology at FinovateEurope 2017.

eToro customers can access the wallet feature from their existing eToro accounts, and transferring coins from trading accounts to the wallet is just a one-click process. Users can also securely send and receive cryptoassets via QR code or by sharing their wallet address.

“(eToro) 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 cryptoassets for wealth building,” Assia said. “People create the eToro experience and now Americans will play a major role in shaping our community and future.”

With more than 10 million registered users, eToro enables traders and investors to leverage the insights of top traders in the community to make better decisions in the financial markets. The platform supports a wide range of assets, from stocks and ETFs, to currencies, indicies, and commodities – including cryptocurrencies.

eToro makes it easy for traders to follow the best performing traders with its CopyTrader technology, and gives eligible winning traders the opportunity to earn as much as 2% annually on their assets as part of eToro’s Popular Investor Program.

Founded in 2007 and headquartered in Tel Aviv, Israel, eToro has raised $222.7 million in funding. The company includes Spark Capital, Social Leverage, BRM Capital, Cubit Investments, and CommerzVentures GmbH among its investors.

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eToro Launches GoodDollar to Reduce Income Inequality

Citing the fact that the 42 richest people on Earth have more wealth than the poorest 3.7 billion, social trading platform eToro made an announcement this week that it is supporting the social good through a new project. The Israel and London-based company’s new initiative, GoodDollar, is a non-profit, open source project that seeks to reduce income inequality with a new cryptocurrency.

And the GoodDollar project is already off to a good start. eToro announced it has injected $1 million into the project and is calling for more innovators to join in. GoodDollar leverages smart contracts, which help parties transparently exchange money, property, shares, or any unit of value. Overall, the project aims to use a new cryptocurrency to establish universal basic income (UBI) by paying “social interest” to individuals who have less. To reduce wealth inequality, GoodDollar will operate on four basic principles: its available to anyone, exchangeable with other currencies, has low transaction fees, and is fairly distributed across wealth segments.

“We believe that we can create a mass-market cryptocurrency that is engineered to reduce inequality and provide a UBI. Engineers, product designers and economists are currently developing the prototype. Today is just step one on a long, ambitious journey,” said Yoni Assia, eToro CEO.

Aside from building a robust user base, the most challenging aspect GoodDollar may face is maintaining a cryptocurrency that is neither inflationary nor speculative. GoodDollar will also need to come up with a global KYC alternative and design a structure to govern the cryptocurrency.

Founded in 2007, eToro demonstrated CopyFunds for Partners at FinovateEurope 2017. Since then, the company announced that clients can now invest directly in shares on the platform, and raised a $100 million in Series E round in March, more than doubling its funding to $162 million. Most recently, eToro began supporting IOTA and Binance cryptocurrencies.

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eToro Adds IOTA Cryptocurrency to Platform

After launching its cryptocurrency exchange earlier this year, social trading platform eToro has bolstered the number of the cryptocurrencies it offers, adding IOTA to the roster.

IOTA was launched in 2015 to provide fast communication and transactions for internet of things (IoT) platforms and has a market capitalization of $1.4 billion. The currency shows promising use as an IoT platform and, as eToro states in its blog, has received “quite a bit of attention” from the blockchain and cryptocurrency communities.

The addition of IOTA to eToro’s platform boosts the Israel-based company’s total cryptocurrency count to 12. This is up from the 10 cryptocurrencies eToro announced when it launched the exchange in March.

eToro CEO Yonni Assia, along with the company’s VP of Product, Tal Ben-Simon, demonstrated CopyFunds for Partners at FinovateEurope 2017. Since then, the company announced that clients can now invest directly in shares on the platform and it has gone on to raise a $100 million in Series E round in March, more than doubling its funding to $162 million.