eToro has Launched its Own Crypto Wallet

eToro has Launched its Own Crypto Wallet

The popular CFD broker/Social Trading Platform eToro has recently announced via its Twitter account that it has launched a multi-asset storage solution. The announcement made it known that the wallet can now be downloaded directly from the Google Play and Apple Store.

eToro has Ventures Into Crypto

eToro has managed to grow itself into a force to reckon with in the financial trading industry. The broker is well known for pioneering several things in the industry. A good example of this is the recent listing of Binance token (BNB). This made it the first platform to list the token outside the binance trading platform.

eToro’s journey into cryptocurrency started with it listing popular crypto tokens for speculative trading on its platform. Eventually, the broker started allowing the withdrawal of crypto tokens. This is likely to have prompted the need for an in-house digital wallet.
eToro has made the true reason behind this move known in a statement from the CEO of the company, Yoni Assia. He stated that:

“We believe that crypto and the blockchain technology that underpins it will have a huge impact on global finance. Blockchain has the potential to revolutionize finance and we believe that we will see the greatest transfer of wealth ever onto the blockchain. We believe that in the future all assets will be tokenized and that crypto is just the first step on this journey. Just as eToro has opened up traditional markets for investors, we want to do the same in a tokenized world. The eToro wallet is a key part of this, ”

The eToro Crypto Wallet

Currently, the tokens supported by the wallet are four in number. These are Bitcoin Cash, Ethereum, Bitcoin and Litecoin. The broker has also announced that the wallet will initially be available based on functionality and country.

eToro also reported that for its platform users to make a direct transfer of Bitcoin to the wallet, they are required to have a Platinum club membership. Based on information from eToro’s official webpage, a deposit of $25,000 is required.

Based on the report, the wallet is expected to commence crypto-to-crypto and fiat-to-crypto conversions and fiat deposits.

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