eToro Is Widening Its Competence With Its Entrance Into The Cryptocurrency Exchange Market

eToro one of the famous social trading platforms is widening its competence with its entrance into the cryptocurrency exchange market, as well as by launching of a mobile wallet and entering into the US market.

The exchange and wallet will be accessible over the globe, denoting the organization’s first accessibility in the US market, where eToro will offer ten distinctive digital forms of money, including Bitcoin, Ethereum, Litecoin, XRP, Dash, Bitcoin Cash, Stellar, Ethereum Classic, NEO, and EOS.

There is presently no date set for the dispatch of the crypto exchange and portable wallet, yet eToro says that the options will be “gradually introduced globally over the coming months”.

The firm  was founded in 2017 and since then has been serving the European region, and this is the organization’s first invasion into the US market. The mentioned service might be accessible in a select number of US states, including California.

The delay time is ascribed to regulation – each state has changing digital money laws and it is vague if a few tokens are considered securities that must be enrolled with the US Securities and Exchange Commission (SEC).

eToro joins the cryptowallet space as a competitor to exchange platform Coinbase, which recently began offering cryptocurrency investment tools (a product eToro launched in 2014) and is now seeking to apply for a federal banking licence.

eToro has raised $100 million in Series E funding, which it announced in March, that more than doubled its funding to $162 million.