eToro launches its proprietary cryptocurrency portfolio

eToro X, eToro's new Gibraltar subsidiary has announced the addition of a new product to its range of services for retail investors.

The social trading leader has unveiled its own cryptocurrency portfolio. eToro has received approval in principle from the Gibraltar Financial Services Commission regarding its "Distributed Ledger Technology (DLT)" technology vendor license application.

Crypto crypto and Fiat currency deposits

eToro says its cryptocurrency portfolio will allow crypto to crypto conversion. Traders will also be able to deposit foreign currencies. Multi-signature security will allow users to see their transactions and balances in the blockchain without fear of losing their private encryption key.

Yoni Assia, CEO of eToro, explained: "The blockchain has the potential to revolutionise finance and we are confident that we will see the largest ever transfer of wealth within a blockchain. Assets will be numbered and cryptography is just the first step in this process."

Progressive launch

eToro will gradually introduce new currencies and features in its brand new portfolio. The company starts with 4 crypto-currencies: Bitcoin, Bitcoin Cash, Ethereum and Litecoin.

The eToro cryptocurrency portfolio will also be launched gradually in various countries. The number of cryptocurrencies supported will increase over time, just as eToro has increased the number of cryptos available on its trading platform.

Customers with over $25,000 in eToro trading platform assets will be the first to have the opportunity to transfer eToro cryptography into their portfolio. The service will be gradually extended to more users over time.