eToro Adds Cardano’s ADA token as Investors Seek to Diversify Their Portfolios
Global investing platform and cryptocurrency exchange eToro has announced today that it is adding Cardano’s ADA token to its list of cryptocurrencies, bringing the total number of assets available to eleven.
The addition of ADA, the eighth most valuable altcoin by market cap, joins the likes of Bitcoin, Ethereum, XRP, BCH, EOS, Litecoin, Stellar, NEO, Dash, and Ethereum Classic. Cardano, which is the first peer-reviewed blockchain, is a third-generation altcoin that is aiming to improve on the scaling problems of Bitcoin, a first-generation coin, and Ethereum, a second-generation coin.
The move to add another crypto asset to eToro’s platform comes as investors are increasingly turning their attention to new investment opportunities. With rising interest being seen in the cryptocurrency market, investors are keen to diversify their portfolios.
“We are seeing growing interest in new cryptocurrencies increasing all the time,” said Yoni Assia, co-founder and CEO at eToro. “We are committed to bringing the top traded crypto assets onto our platform for our users to invest in.”
In addition to cryptocurrencies, eToro also enables people to invest in other assets such as stocks and commodities.
Cardano will also be added to eToro’s Crypto CopyFund, which allows investors to expand across all available digital currencies, with a market cap of over $1 billion, on the platform with just one click. With over 10 million registered users in 140 countries, the Crypto CopyFund gives newbie and veteran traders access to a fully allocated and managed cryptocurrency portfolio. They can also follow the approaches of other traders who have been the most successful with their investments.
News of this comes at a time when Assia said in an interview with CoinJournal last month that eToro will be launching its own exchange later this year. At the time he said that this was so the platform can ‘support hundreds of tokens.’ Not only that but as eToro continues to delve deeper into cryptocurrencies, the launch of its own digital currency wallet will aid its standing among the crypto world.
Its upcoming venture into the U.S. market, considered an important milestone, will also cement its position. With U.S. users set to boost numbers, they will have the opportunity to invest in the 11 digital currencies the platform currently supports. Its announcement comes three months after the platform raised $100 million during a venture round in March to support their global expansion and the development of blockchain-based technologies.