Etoro, which is a trading platform for different asset classes including cryptocurrencies, now has a dedicated mobile cryptocurrency wallet that will let users access, store and transfer digital assets on-the-go. It will serve the role of bridging the gap between traditional trading platforms and cryptocurrency world by facilitating wallet-to-wallet transfers, the synchronization of existing wallets and making it easy and secure for people to access their assets.
Co-founder and CEO of eToro Yoni Assia said that the wallet is a key part of the company's journey to open up tokenization of assets on the blockchain, which is an increasing trend. Assia said in May, speaking to the Coinjournal website, that the wallet will later allow buying and selling of cryptocurrencies. However, they will in future add more features including fiat tokens, crypto-to-crypto conversion, the ability to deposit fiat, in-store payment, and "more" others.
Currently, users can still access cryptocurrency-to-fiat trading pairs as well as some crypto-to-crypto pairs and trading of other assets through the web-based platform.
It supports multiple cryptocurrencies and at the moment, it will let users store 13 crypto assets including Bitcoin, Ethereum, Bitcoin Cash, Litecoin and recently Binance Coin. Others are XRP, EOS, Stellar Lumens, Cardano, Dash, IOTA, NEO, and Ethereum Classic. More cryptocurrencies will be added later as eToro continues to support more digital assets for trading according to Assia.
The on-chain mobile wallet works for Android and iOS and uses multi-signature transaction signing for purposes of added security, meaning a transaction requires more than one private key to be signed and allowed. The app will initially be available to Platinum Club members for Bitcoin, which have more than $25,000 in equity on the platform. It will be availed to more users in the future.
Assia said that blockchain has the potential to revolutionize finance saying that the greatest transfer of wealth ever may be seen on the blockchain. She says that they believe all assets will be tokenized and that crypto is "just the first step on this journey."
Lowered crypto trading fees
EToro also recently lowered their trading fees more than half for each asset to encourage current and more customers to use the platform to trade cryptocurrencies. Assia spoke about it saying that it was a step towards supporting mass adoption of cryptocurrencies by making it "as simple and accessible as possible" for people to buy, sell and hold cryptocurrencies.
The company also recently used Bitcoin to sponsor seven Premier League football clubs, including Tottenham Hotspur.
About reduced fees, the lowest spread was awarded to Bitcoin at 0.75% fee charge while Ethereum Classic, Litecoin, and NEO will attract a fee of 1.90% for every trade. Stellar Lumens and XRP have a fee of 2.45%. Cardano’s ADA, DASH, MIOTA, and EOS have a fee of 2.90%.
Etoro allows trading of fiat, commodities, ETFs, indexes and several stocks, as well as 12 cryptocurrencies which are Bitcoin, Ethereum, Bitcoin Cash, XRP, Litecoin, Ethereum Classic, Dash, Stellar, NEO, EOS, Cardano, and IOTA.