eToro Includes Four New Cryptocurrencies into Its Investment Platform
The Israeli trading company added some of the biggest DeFi cryptocurrencies by market capitalization.
eToro, a leading multi-asset investment platform, has announced that four new cryptocurrencies are now available in its offerings for digital asset traders. According to a press release, the total number of cryptoassets in the company is 23, and 20 for US-based clients.
Aave (AAVE), Compound (COMP), Yearn.Finance (YFI) and Decentraland (MANA) are the latest additions of eToro. Both YFI and MANA – which are among the biggest decentralized finance (DeFi) cryptocurrencies available in terms of market cap – have market capitalizations of $2.1 billion and $1.3 billion, respectively. On the other hand, AAVE holds a market cap of over $5.3 billion, and COMP’s market cap stands at $4 billion as of press time.
“eToro’s plan this year is to expand our range of investments, so users have as wide a range of choices as possible available to them and the opportunity to diversify their portfolios across a wide range of use cases. With the addition of these four tokens, we are continuing on that journey, and we expect to add more tokens later this year,” Doron Rosenblum, VP of Business Solutions at eToro, said in the announcement.
Adding an NFT-Friendly Coin
MANA’s addition to eToro comes in hand with the non-fungible token (NFT) boom across the industry, as the token is based on an Ethereum-powered protocol that is widely used for trading NFTs. Also, the crypto asset had been on other use cases, such as a coin for buying digital real estate.
“As always, we urge investors to do their research. Just as each stock has a business case, each crypto has a whitepaper that details its use case. Be cautious and remember the basic tenets of investing; diversify and only invest in markets and instruments with which you are familiar,” Rosenblum warned.
Founded in 2006, the Israeli trading company – also known for being a social investment – recently announced the official launch of BitcoinWorldWide, a stocks portfolio based on companies that create value in the Bitcoin ecosystem. Such portfolio is also expected to have some exposure to Bitcoin, said eToro.