eToro – Consensus 2018 has been quite the event so far. Many major companies in the crypto space waited until they hit the stage at the event to announce big upgrades and changes to their platforms.
— eToro (@eToro) May 16, 2018
eToro, the social investing platform, did just that with its big announcement of expanding to the United States. The Israeli-based company was founded back in 2007. Etoro has currently has opened up a waiting list for the U.S investors that want to trade the 11 cryptocurrencies currently held on its platform.
eToro currently supports Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), DASH, Bitcoin Cash (BCH), Stellar (XLM), Ethereum Classic (ETC), NEO, and EOS.
Previously, eToro offered very limited crypto trading, but in recent years has seen the company’s crypto business flourish. Currently, 70% of its users now trade some form of digital currency.
What sets eToro apart from the other crypto exchanges on the market is that the top traders will be able to make an income off making their portfolios transparent. If others have access to see what the top traders do on a daily basis, they can mimic their trades to try and make a profit.
eToro also provides a very similar social network component to its platform, like Facebook and Twitter. eToro users are able to follow influential crypto or stock traders and can customize the topics in their news feed.
eToro’s U.S. managing director, Guy Hirsch, told Coindesk:
“If the market is bitcoin, then every time there is a mention about bitcoin by some other user you’ll be able to see that in your news feed. You’ll be able to comment on that, share that or like it. Similarly, you can start a conversation about bitcoin, then other people who have bitcoin on their watch list will be able to see your post.”
It remains unknown what the waitlist currently looks like for U.S traders wanting to get on the upcoming platform, but I’m sure news will continue to surface about eToro’s expansion. I expect that thousands of U.S residents will flock to the social trading app, as many current exchanges lack the news feed and social aspect that eToro offers.
Featured Image: BuyRipple