Multi-asset investment platform eToro adds support for IOTA

Global investment platform eToro has announced that it has added support for IOTA, bringing the total number of cryptoassets available on its platform to 12.

IOTA is currently the eleventh most popular cryptocurrency by market cap. It is currently trading at $0.51 levels at press time

Based on “blockless” technology called “Tangle”, IOTA seeks to become the backbone of the Internet of Things (IoT). The Tangle Ledger settles transactions with zero fees, allowing devices to trade exact amounts of resources on-demand, as well as store data from sensors and data-loggers securely and verified on the ledger.

eToro said that it has added support for IOTA as investors look to diversify their cryptocurrency portfolios and explore new opportunities through altcoins. IOTA will now be available on the eToro platform alongside Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Ripple (XRP), Litecoin (LTC), Ethereum Classic (ETC), Dash (DASH), Stellar (XLM), EOS (EOS), Cardano (ADA), and NEO (NEO).

According to the official release, IOTA will also be added to eToro's Crypto CopyFund, which uses CFDs to enable investors to diversify across all available cryptocurrencies (weighted by market cap) with just one click.

"At eToro we believe in diversification and we are committed to bringing more cryptoassets onto our platform for our users to invest in,” Yoni Assia, Co-founder and CEO at eToro, said. "Today, there are billions of devices that rely on the Internet of Things and this number is growing exponentially, with millions more new sensors added every week, as the planet becomes ever-more connected. IOTA aims to be the 'ledger of everything' by allowing data exchange between the sensor-equipped devices that populate IoT."

eToro enables people to invest in various financial instruments including cryptoassets, stocks, and commodities. It is regulated in Europe by Cyprus Securities and Exchange Commission and regulated in the UK by the Financial Conduct Authority. In May, it announced the launch of its cryptocurrency offering in the United States with an initial support for 10 cryptocurrencies.