eToro has announced a huge slash in the transaction fees of crypto assets as part of an ongoing effort to increase awareness of the potential of crypto and blockchain. The platform hopes to make crypto more accessible to retail investors and reduce the financial burden for those interested in crypto investment with this move.
The price slash has taken effect as spreads on all crypto assets on the eToro platform have been cut with the spreads on many assets, even bitcoin was cut by more than half. This move is a game changer for clients, as they get to take home more money.
Yoni Assia, Co-founder, and CEO of eToro, while commenting on the development said the social trading platform is happy to encourage the mass adoption of crypto, and make it “as simple and accessible as possible” for investors interested in crypto trading. According to him, the company is also willing to cut costs for clients without having to part with their gains.
He went on to state:
“We are also committed to raising awareness among investors of the potential offered by crypto and the blockchain technology that underpins it. This includes sponsorship, advertising, speaking at events and producing educational material. Yes, crypto is highly volatile and not appropriate for all investors, but we also believe that for many it can have a role to play as part of a diversified long-term portfolio.”
eToro has been actively involved in driving crypto adoption globally. Earlier this year, the company sponsored seven Premier League football clubs in a deal paid with bitcoin, signed advertisement deals with German football team Eintracht Frankfurt, and signed French tennis player Gaelle Monfils as a global ambassador.
Assia said part of what inspired the move on the company’s part was recurring news headlines that kept announcing the end of crypto, which is contrary to the reality of crypto – as the company continued to experience a growing interest in crypto and demand for these assets.
According to him, crypto gained a lot of attention from the masses after the “huge price rally” late last year. Since then, prices have slumped and have stabilized. eToro has leveraged on the success of this rally, using it as an opportunity to educate, and interact with regulators, as well as participants in traditional financial services about the potential opportunities offered by crypto and blockchain.
“Crypto is here to stay. We believe that in the future all assets will be tokenized and that crypto is just the first step on this journey,” Assia concluded.