The social trading network eToro has added Ethereum as an instrument to its offering, allowing its many users to trade on the ETH/USD exchange rate.
Ethereum has been on a massive rally this year, much like other leading cryptocurrencies such as Dash. The price of Ethereum is now at about $18 per Ether, adding up to over $1.6 billion market value for the entire blockchain – up a whopping 43% in just one week. This has no doubt attracted the attention of mainstream traders who are already familiar with Bitcoin and are now ready to explore other cryptocurrencies.
Yoni Assia, co-founder and CEO of eToro, commented to Finance Magnates: “eToro is lowering the barriers to trading by giving our six million users from more than 140 countries a direct access to the global financial markets. Our users have the opportunity to invest in over 1,200 instruments via CFDs and we are delighted to have recently added the innovative cryptocurrency Ethereum onto the eToro platform.
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At eToro, we were one on the early stage pioneers in the blockchain space. When we originally started the colored Coins initiative we envisioned a future where all OTC assets will one day trade on the blockchain. Vitalik Buterin, the genius founder of Ethereum, was working with us on that vision over four years ago, and I remember when he initially came up with the concept of Ethereum – it’s amazing to see how Ethereum has grown since then.
We are very proud to add Ethereum to our platform, as a regulated financial institution we have to make sure there is sufficient liquidity and pricing for every asset we add to the platform, and today with a market cap of over 1B USD we see more and more interest from our traders world wide to trade and invest in Ethereum.”
If you are not familiar with eToro, it is one of the biggest social trading platforms in the online finance industry and regulated by both the UK Financial Conduct Authority and the Cyprus Securities Exchange Commission. It was also among the first online brokerages to offer bitcoin trading.
Last month we reported that eToro launched a new fund marketplace called CopyFundsTM for Partners. The venue is designed to deliver a place where potential investors and providers of asset management services can get together and explore partnership opportunities.