by David Penn for Finovate
With bitcoin futures hitting the market this week, we should have guessed that the social trading innovators at eToro would find a way of further leveraging their unique approach to trading to the burgeoning bitcoin market. And so we were pleasantly not surprised to learn that eToro has partnered with cryptocurrencyportfolio management specialist, CoinDash, to develop a suite of blockchain-based products for social trading.
“Until this point, investors in cryptocurrencies have mostly been members of a niche community,” eToro CEO Yoni Assia said. “The learning curve is steep and the market moves quickly. With thousands of new coins in the market, it can be difficult for mainstream investors to navigate this new space. The CoinDash team is enabling users to better analyze their investments in cryptocurrencies, and to learn from others.”
“The eToro team has had great success in developing and scaling social trading platforms, and pioneering innovative new ideas like Copy Trading. We look forward to tapping the knowledge they have made available to us to ensure we can have the same great impact for our community,” CoinDash CEO Alan Muroch said.
eToro’s global marketplace for traders of currencies, commodities, indices, and CFD stocks supports more than 4.5 million users in more than 170 countries. Investors and traders alike can take advantage of eToro’s diverse community, using the wisdom and actual market transactions of the community’s more talented members to make better trading and investing decisions for themselves. This includes features like eToro’s CopyTrader, which enables automatic duplication of another user’s trading and investing decisions, and thematic investing with eToro’s Top Trader CopyFunds and Market CopyFunds products.
A member of the European Fintech 100, eToro has raised more than $72 million in funding and includes CommerzVentures GmbH, Spark Capital, Social Leverage, BRM Capital, and Cubit Investments among its investors. In September, eToro announced it would offer access to five cryptocurrencies – Bitcoin, Ethereum, Ethereum Classic, Litecoin, and Ripple – the latter three previously supported only through its Crypto CopyFund, which was launched in July. The company demonstrated its CopyFunds for Partners solution at FinovateEurope 2017, winning Best of Show. Founded in 2007, eToro is headquartered in London.