Social Investing Platform eToro Expanding Crypto Trading to US

eToro, the social investing platform, is launching a full-fledged cryptocurrency exchange and mobile wallet and expanding into the United States.

Previously, eToro offered crypto trading only on a very limited basis.

Setting eToro apart from other exchanges, top cryptocurrency traders will be able to reap income by making their portfolios transparent on eToro and allowing other traders to copy their trades.

The platform, which also offers trading in traditional assets from stocks to commodities, is perhaps best known for its social features.

Similar to networks like Facebook or Twitter, eToro users can follow influential traders and topics with customized news feeds.

Every month, the platform pays select traders out of its marketing budget a sum worth roughly two percent of the trades and gains other users copied.

Once the cryptocurrency offerings launch in the U.S., eToro will invite top cryptocurrency traders to join this program, which so far has 250 traders, each with thousands of followers copying them.

According to the eToro team, those popular traders earn $500 to $40,000 a month.

eToro has raised $162 million since it launched in 2007, including a recent round in March led by China Minsheng Financial, with support from SBI Group, Korea Investment Partners, and the London Stock Exchange Group's private placement platform.

Although Hirsch would not give a timeline for when cryptocurrency options will be available in the U.S., he did say eToro will offer cryptocurrency trading in every jurisdiction in the country.