European investment hub eToro announced Monday that it is adding Cardano’s ADA token to its portfolio. The move is in line with the company’s ongoing efforts to increase its crypto footprint as more and more of its 10 million users show a penchant for riding the crypto wave.
What It Means for eToro Users
The addition of Cardono (ADA) has raised the number of cryptocurrency trading on eToro’s platform to 11. These include Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Dash, Ripple, Ethereum Classic, NEO, Stellar, EOS, XRP and, of course, ADA.
The move comes off as an attractive altcoin investment choice for traders, considering that ADA is currently the eighth-largest cryptocurrency in circulation with a market cap of more than $4.2 billion.
Powered by a first-of-its-kind peer-reviewed blockchain, Cardano’s ADA is a third-generation digital currency and smart contract platform that aims to do away with scaling issues faced by first- and second-generation tokens such as Bitcoin and Ethereum.
In addition to allowing investors to buy and trade ADA, the company has also made the token available in Crypto CopyFund, a financial instrument that enables users to build a “diversified and balanced portfolio, focusing on cryptocurrencies with a market cap of at least $1 billion.”
eToro touts Crypto CopyFund as a “one-of-its-kind” service that empowers traders to diversify across all cryptocurrencies available on the platform in real time, with just a click, regardless of their experience (or the lack of thereof) in crypto trading.
eToro has recently taken a number of steps to expand its client base, which is already impressive with nearly 10 million registered users spanning 140 countries. A big part of this expansion strategy has manifested in a gradually increasing focus on the crypto market.
The company entered into an agreement with CoinDash in December 2017 to develop a unique blockchain-based social trading platform. The efforts to leverage the growing demand for digital assets further intensified earlier this year when the company bagged $100 million in a private funding round.
Yoni Assia, co-founder and CEO of eToro, acknowledged the company’s focus on expanding its crypto portfolio, saying:
“We are seeing growing interest in new cryptocurrencies increasing all the time. We are committed to bringing the top traded crypto assets onto our platform for our users to invest in.”
Back in May 2018, the company announced a major expansion into the United States. Per plan, American traders on the platform will have the freedom to invest directly in digital assets, purchase portfolios of major crypto assets using Crypto CopyFund, and copy trading activities of other investors.
While eToro is yet to confirm a launch date for its brand new offerings in the US, it is allowing interested traders to sign up for a waiting list.