Popular cryptocurrency exchange is reportedly on the verge of expanding its operations into the United States, according to reports from City AM.
This will see eToro embark on a massive expansion, designed to increase its trading volume and of course its consumer base. Moreover, with this news, we should expect to see more new listings added to the eToro network as they attempt to build a monopoly within the cryptocurrency exchange industry.
According to City AM, Yoni Assia, the CEO of eToro has said:
“We believe that in the future all assets will become digitised. This will help to open the markets to everyone and enable them to invest in the assets they want in a simple and transparent way. Crypto is the first step on this journey and we are excited to share our plans to launch an exchange and wallet.”
This comes off the back of eToro allegedly raising $100 Million to help finance their expansion. With such a vast sum of money raised here, you can assume that this isn’t just a standard move and the development of a new office, it does seem that eToro have some big plans to hand. As it stands though, we can’t be too sure what exactly they wish to achieve.
One thing is certain though, if eToro up their listings significantly, this will have a big impact on the market, assuming they select their new listings and trading paris wisely.
According to City AM, Guy Hirsch, the new officer in charge of eToro’s US move has said:
“eToro empowers investors with a platform that gives them access to the assets they want, shared knowledge and ease of transaction. We know that there is a strong demand in the U.S. for crypto and we are excited to be able to offer U.S. investors the opportunity to learn about and invest across multiple cryptocurrencies.”
See the full City AM report for yourself, here- http://www.cityam.com/285869/crypto-broker-etoro-branches-out-into-us-and-expands
Overall, we must view news like this as positive. As big crypto firms cross new borders and expand into new territories, transparency is enhanced, giving new customers access to new technologies that will in turn provide a great boost to the crypto economy. As things do look pretty bleak at the moment, a great marketing plan by eToro could really help provide a boost to their service as they expand into the United States. With this expansion will come increased trading and thus a new thirst for cryptocurrency, within new communities.
Though this news doesn’t solve the problem markets we are currently witnessing, it does at least offer us something else to focus our attention onto, for a moment at least.