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eToro launches cryptocurrency wallet

Wed, 07 Nov 2018, 07:03 am UTC

Global investment platform eToro has announced the launch of its cryptocurrency wallet, which will be available for download on Google Play and the Apple App Store.

In May, eToro announced its plans to launch its online trading platform in the U.S. with an offering of 10 different cryptocurrencies, and a crypto wallet.

At launch, users will be able to store Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), and Litecoin (LTC) in their eToro wallet. The company plans to add support for more cryptos gradually.

The eToro wallet provides an easy to use customer interface and enhanced security. Multi-signature security gives users the ability to see their on-blockchain transactions and balances without the fear of losing their private key.

“We believe that in the future all assets will be tokenised 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 tokenised world. The eToro wallet is a key part of this,” Yoni Assia, CEO of eToro said.

In order to ensure the best customer experience for clients, eToro is launching its crypto wallet on a phased basis both in terms of users, with a country by country roll out, and functionality.

Initially, the ability to transfer crypto from eToro to the wallet will be available to Platinum Club members (clients with over $25,000 in equity on the platform) for Bitcoin. This will gradually be extended to more users and a greater number of crypto assets.

“The eToro wallet today is just the beginning and we will adding a whole host of additional functionality which will include supporting additional crypto and fiat tokens, crypto to crypto conversion, the ability to deposit fiat, payment in store and more.”

The etoro wallet is provided by eToro X, a Gibraltar-incorporated company which have received an ‘in-principle’ approval from the Gibraltar Financial Services Commission in respect of its application for a Distributed Ledger Technology (DLT) Provider Licence application.

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