eToro, one of the top social trading and day trading brokers in the world, also offers cryptocurrencies. And, in fact, the platform is looking to expand its offerings by gaining support for Tezos (XTZ).
Tezos, which has a market value of more than $950 million, marks the 15th digital asset to hit the platform.
Based in Israel, Tezos has been doing what it can to expand its audience of people participating in cryptocurrency trading. Part of this can be seen with eToroX, the company’s crypto branch, earning a blockchain license from Gibraltar financial services.
As you may know, users on eToro can already take advantage of the following fourteen assets: Bitcoin, Ethereum, Bitcoin Cash, XRP, Litecoin, Ethereum Classic, Dash, Stellar, NEO, EOS, Cardano, IOTA, ZCASH, and Tron.
According to Finance Magnates, eToro not only provides cryptocurrency CFDs but also purchasable assets that the platform then houses for customers.
On top of this, XTZ assets will also be added to the platform’s CryptoPortfolio. This is a space that houses cryptocurrencies that have a market cap higher than a billion and a “minimum average monthly volume” of around $20 million.
The Tezos network is built up of developers that all own their own code. Interestingly, however, the platform put out a $232 million dollar ICO, that eventually rose to a billion, that a Swiss foundation controls.
That said, according to the publication, the founders of Tezos are being sued in multiple lawsuits within the United States. Those after the company claim that Tezos purposefully miscategorized their assets as non-refundable so they wouldn’t be examined by governments and other legal spaces.
CEO of eToro, Yoni Assia, commented on the matter:
“Tezos is making great progress and some banks are already choosing its blockchain network for security token offerings worth over a billion dollars. As we see financial institutions move more into the world of crypto, it is important that ordinary investors can take advantage of these technological developments, which is why we’re excited to be adding coins like Tezos to eToro.”
Disclaimer: eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs.
Please note that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% of retail investor accounts lose money when trading CFDs with this provider.
You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.
Past performance is not an indication of future results.
Cryptoassets are volatile instruments which can fluctuate widely in a very short timeframe and therefore are not appropriate for all investors. Other than via CFDs, trading cryptoassets is unregulated and therefore is not supervised by any EU regulatory framework.