eToro’s Blockchain Wallet is a First For the Company
eToro has been a reliable figure in cryptocurrency investing for many months, but the company is now ready to take things to the next level. The eToro blockchain wallet, released via eToro subsidiary eToro X, will allow eToro users to buy and own real digital assets. In the past, eToro has allowed users to trade CFDs (contracts for difference – a kind of futures contract) based on the future value of Bitcoin and other assets. With the blockchain wallet, users can own, save, and spend real currencies for the first time.
The new wallet supports four digital currencies: Bitcoin, Bitcoin Cash, Ethereum, and Litecoin. But the wallet is more than that. Users can also deposit fiat currency to be traded within the app for these four cryptocurrencies. In this way, eToro now exists among very few peers who offer both storage and brokerage services.
What Does This Mean For eToro and the Crypto Markets?
eToro is the first CFD broker we’re aware of to formally enter the digital asset trading industry. They did so by acquiring a digital ledger trading license through Gibraltar, the UK-member nation located south of Spain. In the past, eToro could not truly be said to support buy-and-sell Bitcoin services, as its users could only make value speculations upon the value of Bitcoin, without ever owning it.
The move is a major sign of optimism on the part of eToro, choosing to expand operations and enhance its very business model during an extremely persistent market downturn. It seems that eToro predicts a future with renewed investor interest in this space, and they’re fully prepared to be on the front lines.
eToro has also recently expanded offerings within its conventional CFD brokerage service. eToro just announced new support for Binance Coin BNB and Zcash ZEC. Their service represents the first time any investor can put fiat currency directly into BNB, Binance’s proprietary cryptocurrency.
If the blockchain wallet is a success, we can reasonably expect that popular currencies from eToro’s standard platform may be added to the wallet. This would allow eToro’s hundreds of thousands of users (and a potential customer base of millions in more than 60 countries) to trade digital assets with an incredible standard of convenience and regulatory compliance.