eToro customers can now trade five of the most popular cryptocurrencies directly on its own trading platform.
Joining over 1,200 instruments, including Apple, Microsoft, SNAP and Facebook on the platform, clients will be able to buy the actual underlying asset of bitcoin, ethereum, Ethereum Classic, Litecoin and Ripple. The company said the move comes as demand for cryptocurrency trading grew fourfold in just 12 months and as the global market cap for cryptocurrencies exceeds $150 billion.
Social trading network eToro is already offering access to the five cryptocurrencies, plus exposure to Dash, through its recently launched investment instrument Crypto CopyFund. eToro CopyFunds allow users to invest in predefined market strategies while leveraging the wisdom of the crowd. Top Trader CopyFunds and Market CopyFunds give investors access to the top performing strategies from eToro’s global community of investors. By creating diversified investments, they help investors minimize long-term risk and to promote opportunities for growth.
“Cryptocurrencies have come of age over the last year, but buying and owning the underlying crypto asset is still very difficult,,” said Yoni Assia, co-founder and CEO of eToro. “At eToro, we’ve already simplified the worlds of trading and investing, and now we have an opportunity to use our experience and expertise to simplify cryptocurrencies. By using our platform, investors benefit from the peace of mind that comes with our long-track record in the cryptocurrency market.”
“By making Litecoin available on a safe, simple, and secure platform, eToro will help increase the adoption of Litecoin among a wider audience,” said Charlie Lee, founder of Litecoin.
“By showing their support for Ethereum Classic, among others, eToro supports our position that digital currency as an asset class has not only arrived, but is here to stay,” said Barry Silbert, founder and CEO of Digital Currency Group.