The global social trading platform, eToro, recently launched its digital currency wallet which would initially support four virtual coins
The New eToro Cryptocurrency Wallet
According to Finextra, global social trading platform, eToro, launched its cryptocurrency wallet on Tuesday (Nov. 6th). The new wallet would currently support four virtual currencies, which include Bitcoin (BTC), and altcoins such as Ethereum (ETH), BitcoinCash (BCH), and Litecoin (LTC).
The eToro wallet is a mobile app accessible on iOS and Google Play. One of its features includes multi-signature security that ensures the safety of users’ private keys. The wallet also comes with a user-friendly interface.
Commenting on the launch of the eToro wallet, the company’s CEO, Yoni Assia, said that the company is a firm believer in the nascent technology that could significantly influence the financial sector. Assia also said that decentralized technology has excellent prospects to transform the current finance sector.
Furthermore, the CEO said:
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.
CEO Assia further said that in addition to the launch of the eToro wallet, there would be more functionality. These functionalities include the support of more virtual currencies and fiat tokens, cryptocurrency to cryptocurrency conversion, among others.
The company also stated that it would list more virtual currencies in addition to the available four at a later date. The global trading platform also announced that its digital currency wallet would launch its eToro wallet phase by phase.
Furthermore, the transfer of digital currency from eToro to the new wallet would be for Platinum members who use BTC. Over time, this service would extend to more customers and more digital coins.
eToro and the Cryptocurrency Industry
When it comes to virtual currency and blockchain technology, eToro has a friendly approach. The trading platform has a positive outlook towards virtual currency despite it’s the industry’s volatile nature.
The platform announced that it reduced its fees for digital currency traders to encourage investment for its traders.
Also, the company added Cardano (ADA) to the list of supported digital currencies. The addition of the cryptocurrency brought the number of listed currencies to eleven at the time.
Furthermore, in October of 2018, the company became the first platform to list the Binance coin (BNB) on eToro. The addition of Binance coin brought the total number of cryptocurrency assets listed by eToro to thirteen.
Image courtesy of Shutterstock and eToro.