The exchange platform eToro comes off a great year of growth as first-time traders seek new avenues into the financial markets, including cryptocurrency.
The online brokerage firm closed 2020 with gross sales of $ 600 million, with total trading volume increasing 40% to $ 1.5 trillion.
He describes his business as a technology company and multi-regulated broker, CEO Yoni Assia said:
“In recent years, eToro’s workforce has grown rapidly, reflecting both our global expansion and the growth of our product offering and customer base.”
eToro has been operating a successful social trading platform for a number of years now, giving beginner traders access to forex, commodity and stock markets. In 2019, the platform was expanded to digital assets by launch a crypto exchange and eight branded stablecoins.
The introduction of digital asset services is partly responsible for eToro’s rapid growth in the past year. The exchange took place earlier this month warned users that crypto trading may be restricted because of “unprecedented demand”.
Assia said that 2020 was a “big year for stocks,” but that 2021 has so far been dominated by crypto heads. He claims that crypto trading volumes at his company have increased more than 25 times compared to the same period last year.
eToroX, the company’s digital asset platform, reportedly generated $ 670 million in volume Tuesday, according to to CoinMarketCap. That puts it in the top 20 of largest exchanges by volume.
According to Finance Magnates, eToro’s valuation has on the secondary market increased to more than $ 2.5 billion, more than tripling since 2018.