Social Trading Giant eToro Adds Crypto Buying and Selling in 32 US States

eToro has launched a new platform that allows users in the U.S. to trade 13 cryptocurrencies, with a global exchange to come later in the year.

AccessTimeIconMar 7, 2019 at 2:00 p.m. UTC
Updated Sep 13, 2021 at 8:57 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Israel-based social investing platform eToro has launched a cryptocurrency trading platform and wallet service in the U.S.

The firm announced Thursday that the new platform allows U.S. customers from 32 states and territories to trade 13 unspecified cryptocurrencies. Multi-asset trading is also scheduled for launch in Q1 of next year.

eToro's "social" model allows users to reproduce other traders’ bets through its CopyTrader and CopyPortfolios features. The crypto trading platform will also offer three CopyPortfolios at launch, it said, without disclosing further details.

Users can “collaborate with other crypto traders when making buying and selling decisions,” said Yoni Assia, co-founder and CEO of eToro. They can also "adjust their trading strategies by watching and learning from others on the platform."

The firm said any eligible customer who has an "established" track record "may be copied and compensated for their performance, subject to risk analysis and supplemental evaluation."

eToro has also launched a multi-signature crypto wallet in the U.S. that supports six cryptocurrencies at launch – bitcoin (BTC), bitcoin cash (BCH), ether (ETH), litecoin (LTC), XRP and Stellar (XLM) – with more to be added in the near future.

Existing eToro users will be able to log into the wallet directly to hold and transact in cryptocurrencies, the firm said. They will also be able to “convert between different coins with a click of a button.” Cryptos can be sent and received using a QR code or by sharing the wallet address.

The news comes months after eToro first announced its plan to launch a crypto exchange and mobile wallet in the U.S. back in May. At the time, the firm said it will allow trading into 10 cryptocurrencies - bitcoin, ether, litecoin, XRP, dash, bitcoin cash, stellar, ethereum classic, NEO, and EOS.

eToro also announced today that it will launch a crypto exchange called eToroX for a global audience later this year.

The firm has raised $222 million since 2007, according to Crunchbase.

Edit: Updated the number of states and territories from 31 to 32. The original announcement from eToro contained the error.

Yoni Assia image via CoinDesk archives 

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.