The UK subsidiary of one of the leading social trading brands in the industry, eToto UK Limited, is reporting more than triple the revenues generated during the previous year. The company’s net income totaled £1.8 million ($2.4 million).
The company only represents a small portion of the global revenues of the social trading provider.
Administrative expenses also increased, marking a total of £1.7 million ($2.3 million), for a net profit of £106,000 ($143,000).
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Commenting to Finance Magnates, founder and CEO Yoni Assia said: “2016 was a record year for eToro globally. We have seen significant growth continue in 2017, both globally and for eToro UK, and expect 2017 to be another record year for out company.”
“While the U.K. Entity revenues represent only a small part of our global revenues, we are happy to see the U.K. Office eToro grow and the company cementing its market leader position in social trading across equities, CFDs and cryptocurrencies,” he added.
The company has been actively developing its technology throughout the year, aiming to expand the number of assets it is offering to clients. Lately the firm has expanded its product list with the implementation of cryptocurrency trading.
Currently eToro is offering Bitcoin, Ethereum, Ethereum Classic, Dash, Litecoin and Ripple.
“Undoubtedly the last year in trading and investing at eToro has been dominated by cryptocurrencies, which have been in our investors’ portfolios almost as much as they’ve been in the news. We’ve long been big supporters of cryptocurrencies, and so a lot of investors feel most comfortable buying and selling these assets through eToro,” a company spokesperson shared with Finance Magnates.