In a fascinating move, trading platform eToro have officially announced that they will now be listing traditional stocks alongside cryptocurrencies
, in doing so, creating the first ever platform for holding both cryptocurrency
Within a new feature on eToro, users can now invest in stocks which in turn will be ‘holdable’ within user’s cryptocurrency portfolios. Now of course eToro have previously allowed users to interact with stocks in some way, through contract for difference (CFD) however now, with this new roll out, eToro users are able to actually physically own shares within the stocks listed on the platform.
CEO of eToro, Yoni Assia has said this move has been set up in order to simplify the investment
“Price really matters, and we think ticket and management fees are exactly the kind of old world practices that put many people off investing. We are rethinking some of the outdated practices investors might be used to from other investment providers. It also means we’ll continue to expand the range of assets we make available to our 10 million users.”
This is a very exciting move indeed and offers investors in different fields a chance to come together and use a unified platform to manage and maintain their investments, be that as a part of cryptocurrency, ETFS or traditional stocks.
Even more interestingly, according to Finance Magnates, eToro are also going to be covering stamp duty, which would normally be charged to buyers of UK shares:
“Additionally, eToro has announced that it will be absorbing stamp duty on the purchase of UK shares, and will not charge ticket or management fees to any user buying shares through eToro. The platform isn’t completely feeless, however; according to the announcement, fees are included in the spread which is just 0.09% per side.”
See the full story for yourself, here- https://www.financemagnates.com/cryptocurrency/news/etoro-eliminates-uk-stamp-duty-shares-launches-direct-investing/
In terms of cryptocurrency adoption this is a great move. Culturally, this may very well inspire some new people to invest in cryptocurrencies and likewise, it may inspire more people to start investing in traditional shares. Most importantly though, this is a new project within eToro that will give it the capacity to grow. Possibly bigger than Assia could have imagined when he founded eToro over 10 years ago.