"eToro will continue to focus on simplicity and user-friendliness so that more diverse groups will feel welcomed into the global crypto community", said the Chief Executive Officer and co-founder, Yoni Assia, adding that the company will focus primarily on the individual investors and traders.
The launch will initially enable USA -based users to invest in 10 cryptocurrencies, with more to be added throughout 2018.
The announcements made today at Consensus 2018 in NY, follow the news in March that eToro had completed its Series E funding round, raising $100m to accelerate its global expansion and the development of blockchain technology to support the digitisation of assets. The company is opening an office in New Jersey, says Assia.
"We believe we are going to see trillions of dollars moving into crypto and blockchain assets, and as we are one of the largest players in Europe and expanding to Asia as well; it seems logical to also have a significant footprint in the U.S", he said.
The company is also aiming to launch a crypto wallet later this year. The wallet app will be available to download on the App Store and Play Store and will work across multiple platforms and in multiple languages.
Since launching in 2007, eToro has registered over 10 million users from 140 countries, including the U.K., Australia, Germany, Switzerland, and France. The company has 500 employees.
Israel-based social trading network eToro will be launching a cryptocurrency offering in the United States, enabling US-based users to invest in ten cryptocurrencies initially. But, really, eToro began getting involved in the crypto scene even earlier than that.
The recent market drop once again reminds traders that cryptocurrencies can fluctuate widely in price and, therefore, managing a crypto based portfolio still requires technical knowledge and risk management skills. "They are interested today in cryptocurrencies more than they are interested in any other asset", Assia said. Users can send messages and share trading info among themselves.
The US subsidiary of eToro will offer US investors three ways to access the crypto markets: by manually investing in a coin, by automatically copying the trades of other traders on the platform to benefit from their knowledge and investment expertise, or by investing in a Crypto CopyFund, which provides a diversified portfolio of major crypto assets. "Those features let users create a public profile of their investments, which in turn allows others on Etoro to track and copy their trading decisions". Cryptocurrency exchanges usually demand a rigorous verification process and require the installation of additional software together with an understanding of blockchain technology.