EToro now has a cryptocurrency wallet

Etoro, which is a trading platform for different asset classes including cryptocurrencies, now has a dedicated mobile cryptocurrency wallet that will let users to 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 blockchain, which is an increasing trend. Assia said in May, speaking to 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 to store 13 crypto assets including Bitcoin, Ethereum, Bitcoin Cash, Litecoin and recently Binance Coin. Others are XRP, EOS, Stellar Lumems, 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 future.

Assia said that blockchain has potential to revolutionize finance saying that the greatest transfer of wealth ever may be seen on 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.

David Kariuki

David Kariuki likes to regard himself as a freelance tech journalist who has written and writes widely about a variety of tech issues that affect our society daily, including cryptocurrencies (see cryptomorrow.com and coinpedia.org); climate change (cleanleap.com), OpenSim and virtual reality (see hypergridbusiness.com). He is currently pursuing a MSc in Environmental Management at Open University. He does write here not to offer any investment advise but with the intention of informing audience, and articles in here are of his own opinion. Anyone willing to use any opinion here as advise to invest in crypto should obviously take own responsibility and accountability of their losses (or benefits) thereof. You can reach me at eqariu@gmail.com or david@cryptomorrow.com