eToro Launches Its Crypto Wallet, Key to Opening Up the Market for Investors
eToro, a global trading and investment platform, has announced the unveiling of its crypto wallet, enabling, for the first time, its users to transfer their crypto assets from the platform to store them.
According to an announcement, the multi-crypto, on-chain wallet, with multi-signature security - which requires more than one key to make a Bitcoin transaction - is a mobile application that is available via Google Play and the Apple App Store.
Initially, the crypto wallet will be available to Platinum Club members for Bitcoin, which have more than $25,000 in equity on the platform. However, this will eventually be extended to more users in time.
It was back in May that Yoni Assia, co-founder and CEO of eToro, first noted the platform's crypto wallet. Speaking to CoinJournal during the Consensus conference in New York, Assia said that the launch of the wallet will enable clients to buy crypto directly as well as receive the ones the platform supports.
At the moment, though, users will only be able to store Bitcoin, Ethereum, Bitcoin Cash, and Litecoin on the wallet. Over time, however, the number of crypto assets that the platform supports will increase similar to how the number of cryptocurrencies on eToro have increased.
Presently, the trading company supports 13 crypto assets, the most recent being the Binance Coin. The others include XRP, EOS, Stellar Lumems, Cardano, Dash, IOTA, NEO, and Ethereum Classic.
Following the news of eToro's crypto wallet, Assia said that they believe cryptocurrency and the blockchain will have a major impact on global finance, adding:
"Blockchain has the potential to revolutionise finance and we believe that we will see the greatest transfer of wealth ever on to the blockchain," he said. "We believe that in the future all assets will be tokenised and that crypto is just the first step on this journey. Just as eToro has opened up traditional markets for investors, we want to do the same in a tokenised world. The eToro wallet is a key part of this."
Designed to bridge the gap between traditional trading platforms and the crypto world, the wallet has additional key features. These include wallet-to-wallet transfers, the synchronisation of existing wallets, with the promise of easy and secure access to assets.
Further down the line, eToro intends to expand on its features, said Assia.
"The eToro wallet today is just the beginning and we will be adding a whole host of additional functionality which will include supporting additional crypto and fiat tokens, crypto-to-crypto conversion, the ability to deposit fiat, payment in store, and more," he added.
About Rebecca Campbell
Rebecca Campbell is a freelance bitcoin and blockchain journalist based in England. She has a keen interest in the digital currency market and the use cases that the blockchain is being used in and is excited to see the disruptive changes that the technology is delivering in our day-to-day lives.