Big Asian Interest As eToro Seals $100M Investment Deal
UK-based social trading platform eToro has announced it has completed a $100 million series E investment round showing conspicuous support from Asia’s big money.
SBI Group Among eToro Contributors
In a press release from March 21st, eToro, which currently offers nine cryptocurrencies for investment along with a raft of traditional assets, unveiled China Minsheng Financial as the leader of the funding round.
Other participants included Korea Investment Partners, World Wide Invest, and Japanese giant SBI Group, the latter itself already making inroads into the cryptocurrency industry.
“This round of investment will be critical in helping us to further develop our technology infrastructure to support the rapid growth that we’ve recently experienced,” CEO Yoni Assia commented on the plans for the cash injection. He added:
It will also help us to enter new markets, enabling us to bring our social approach to investing to more people around the world, and providing more people with safe and secure access to the markets.
Blockchain Research And Digital Asset Development
While the company did not name specific markets it aims to corner, the list of contributors to its combined total of $162 million in investments is telling.
In particular, SBI is fully aware of the future potential for cryptocurrency investment opportunities to hit a far wider audience than at present, with the company trialing Ripple-based remittance implementations along with launching a cryptocurrency exchange in Japan.
In the UK, eToro was one of the first companies to adopt mainstream advertising of cryptocurrencies in 2017, a move which cemented its position among city investors. Its move into crypto facilitated its user base expansion to 9 million as of 2018.
“…As new technology continues to change finance, we want to remain at the forefront of that change. So today’s announcement will help us to continue our market leading work in blockchain research and the development of digital assets,” Assia added.
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Images courtesy of Pixabay, eToro, and Bitcoinist archives.