eToro continues its expansion of cryptocurrency products, as part of its investment products.
The investment company, which has long been a strong competitor in the FX and CFD industries, has recently accelerated its adoption of cryptocurrencies as investment avenues for its clients.
Unlike many other brokers, eToro does not simply adhere to offering crypto CFDs, by rather offers clients an easy process to actually purchase the assets, with eToro acting as custodian and holding the digital coins on behalf of clients.
Crypto Product Expansion
The surge in demand for cryptocurrencies continues to impact the operational capacity of investment firms, as they attempt to accommodate such demand.
Just last week, eToro added Stellar into its list of cryptocurrencies, and with today’s further incorporation of NEO, its total list of crypto assets has reached nine. The full list consists of Bitcoin, Ethereum, Bitcoin Cash, XRP, Litecoin, Ethereum Classic, Dash, Stellar, and NEO.
In addition to clients’ ability to purchase actual NEO tokens, the coin will also be implemented on eToro’s Crypto CopyFund, which promotes the simple diversification of crypto holdings through the use of CFDs.
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eToro Crypto Outlook
Yoni Assia, co-founder and CEO of eToro, commented: “Already in 2018 we’ve seen attention shift away from mainstream cryptocurrencies and the market share of altcoins is increasing all the time. In our view, this trend is only set to continue.”
He continued: “We are constantly seeking to identify and assess new concepts as they emerge and we are committed to bringing the best crypto assets onto our platform for our users to invest in. We’re excited to have brought NEO and Stellar onto the platform already this year and we look forward to seeing how the market develops in 2018 following a very successful 2017 for the crypto community.”
eToro appears intent on being a driving force for cryptocurrencies among long-standing FX and CFD providers. Toward the end of 2017, the company appointed cryptocurrency enthusiast George Verbitsky, as Managing Director in Russia.
The appointment shows that eToro is committed to its cryptocurrency agenda, and at the same time it explains the recent advancements of crypto products within the company’s operational capacity.
eToro has not focused solely on expanding its crypto portfolio. In December of last year, eToro partnered with CoinDash to develop blockchain-based social trading. It is becoming evident that the scope of eToro’s crypto agenda will continue to be expanded and modified in a truly dynamic and relatively infant industry.