eToro, the retail trading platform soon to be going public, has revealed that it added 3.1 million new clients in the first quarter of 2021, which is up from the 1 million users it onboarded in the same quarter in the prior year.
The quarterly number appears more impressive compared with the 2020 figures when the broker opened 5.2 million new accounts in the whole year. The latest numbers have put the total count of traders on the platform at 20.6 million.
Additionally, trading activities on the platform skyrocketed as the platform reported a 233 percent year-over-year increase in trade execution for the quarter, which touched 210 million. However, the broker did not reveal statistics of trading volumes.
Commenting on the figures, eToro Co-Founder and CEO, Yoni Assia, said: “Last year was characterized by accelerating retail investor engagement. Widespread media coverage of the financial markets and more time to upskill in lockdown encouraged a record number of retail investors to enter the markets via online investment platforms and apps.”
“We saw this trend accelerate in 2021, and the first quarter continues eToro’s strong track record of growth.”
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eToro is gearing up to merge with an American SPAC, becoming a publicly listed company in the United States. It has already submitted a draft registration with the US financial market regulator relating to its merger, Finance Magnates reported.
As required by any company bound to become public, eToro said that it will soon publish its full interim Q1 of 2021 financial report in the coming weeks.
Expanding Product Range
Meanwhile, the broker is expanding its product range and is planning to launch the eToro Money App as well as a debit card in the UK and EU later this year.
Furthermore, it is expanding its cryptocurrency offerings due to the hyped market demand for digital assets.
“The crypto bull run at the end of 2020 and beginning of 2021 also highlighted a growing trend towards diversification of cryptoassets within retail investor portfolios, with some altcoins increasing in popularity,” Assia added.