Etoro adds Filecoin and Polkadot to address growing crypto demand

Etoro adds Filecoin and Polkadot to address growing crypto demand

By Benson Toti - min read

The new tokens have been launched in a bid to offer a broader variety of crypto assets for traders on the platform

Israel-based social trading and multi-asset brokerage company eToro announced it is adding Filecoin (FIL) and Polkadot (DOT) to the growing list of crypto assets users can trade on the eToro trading platform.

Filecoin and Polkadot

The Filecoin network, an open-source public digital payment system that uses blockchain to enable cooperative digital storage and data retrieval. FIL is the unique native cryptocurrency to the network is designed to let users join, invest and rent unused storage space.

Its ability to offer greater accessibility to data storing, faster and easier file storage and retrieval makes it the top emerging alternative to centralised information storing worldwide.

Known for creating an interconnected internet for the blockchain world, Polkadot’s native token DOT is aimed at unifying and streamlining multiple blockchains to offer investors a seamless experience.

Investors who hold DOT can simplify protocols of different blockchains into a decentralised blockchain that is tailored to the user’s preferences. Its heterogeneous multi-chain architecture also facilitates eliminating or minimizing transaction fees while trading crypto. 

EToro expands its reach in the crypto trading sector 

eToro has stated that the decision was taken to uphold the platform’s ongoing commitment to offer a wide variety of crypto assets and enable users to diversify their crypto portfolio. However, FIL and DOT are currently unavailable for trading in the United States.

With the launch of the two new tokens, traders on eToro can transact in a total of 31 cryptocurrencies including FIL, DOT, BTC, ETH, BCH, LTC, XRP, DASH, ETC, ADA, XLM, EOS, NEO, TRON, ZEC, BNB, XTZ, LINK, UNI and MIOTA.

What eToro offers?

eToro is one of the world’s leading social trading and investment company that offers stocks, Exchange Traded Funds (EFTs), cryptocurrencies and CFDs in one platform. The company has registered offices in the United States, United Kingdom, Australia and Cyprus. eToro was valued at $2.5 billion in 2020, almost three times its estimated value in 2018.