Crypto broker eToro branches out into the US and expands investment opportunities

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Digital asset classes like cryptocurrencies continue to gain popularity (Source: Getty)

Cryptocurrency broker eToro announced today its plans to expand its operation to the US as well as launching an exchange and a digital wallet.

The broker managed to raise $100m (£74m) to accelerate its global expansion and the development of blockchain technology to support the digitisation of assets.

Yesterday the broker said it would set up the platform and digital wallets, which is meant to store records of transactions using blockchain technology rather than currency storage, for clients at some point later this year.

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Chief executive of eToro Yoni Assia said: “We believe that in the future all assets will become digitised. This will help to open the markets to everyone and enable them to invest in the assets they want in a simple and transparent way. Crypto is the first step on this journey and we are excited to share our plans to launch an exchange and wallet.”

The plans of expansion comes at a time where there is much higher demand for digital assets than before. US bank Goldman Sachs announced earlier this month that it would open a bitcoin desk, making it the first regulated financial institution to do so.

However, the scepticism towards the digital currency still exists as price volatility and high risk is still involved in the investment.

Guy Hirsch, who has recently been been appointed managing director of the broker's US operation, said: “eToro empowers investors with a platform that gives them access to the assets they want, shared knowledge and ease of transaction.”

“We know that there is a strong demand in the U.S. for crypto and we are excited to be able to offer U.S. investors the opportunity to learn about and invest across multiple cryptocurrencies,” he continued.

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