Israeli social trading and investing platform eToro rolled out its own cryptocurrency wallet, to be launched in a phased manner, on the basis of user, country and functionality. The wallet is provided by eToro’s Gibralter-based subsidiary eToro X Ltd.
The wallet, available for download on Google Play and the Apple App Store, provides a customer interface which claims to show on-blockchain transactions and balances without losing users’ private key.
The transfer of crypto assets from eToro to the wallet will initially be available only to the Platinum Club member users for Bitcoin.
Users will initially be able to store only four crypto assets – Bitcoin, Bitcoin Cash, Ethereum and Litecoin, in their eToro wallet.
Following the rollout of the eToro wallet, the company intends to add a functionality for additional crypto and fiat tokens, crypto-to-crypto conversion, the ability to deposit fiat, and payment in store.
eToro now offers 13 cryptoassets – Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, XRP, Litecoin, Dash, Stellar, NEO, EOS, Cardano, IOTA and Binance Coin (BNB), as well as crypto/crypto pairs and crypto/fiat pairs.
eToro recently became the first platform to offer BNB to investors and traders to buy or sell using fiat. On the eToro platform, investors can hold traditional assets such as stocks or commodities alongside ‘new’ assets such as Bitcoin.
Earlier in October, eToro cut the costs of investing in cryptocurrencies on its platform in order to attract more retail investors and to promote mass adoption of cryptocurrency and the blockchain technology that underpins it. It cut the spread trade fees on many assets, including Bitcoin, by more than half.