eToro to Launch its Cryptocurrency Exchange to Compete against Major PlatformsJuly 14, 2018
eToro, a social trading network will soon release its cryptocurrency wallet. During the interview, the company said that they have interest regarding their new crypto trading desk. According to Iqbal Gandham, the Managing Directors of the company, they will be launching their new crypto wallet by August before they launch their crypto exchange during the fourth quarter of the year.
Gandham also explained about their target launching of both the crypto wallet and their crypto exchange. He then clarified that by the end of July, their new crypto wallet would be released. The exchange will then follow with enclosed regulatory priorities which will take place in Gibraltar. The Managing Director also mentioned the company’s goal of expanding its service to the U.S. Gandham also said that the U.S is a phenomenal market for any cryptocurrency assets. According to eToro, the planned release of their crypto wallet by the end of July is not yet sure. If not push through by the end of July, it will be early August.
eToro also announced about its plan of setting up a new over the counter cryptocurrency trading in the UK for its institutional investors. According to the company’s Managing Director, their OTC crypto trading will be soon available by the end of the year. This movement done by the company is set against the Coinbase who recently launched their custody service early this July. The custody service launched by Coinbase has attracted billions of assets.
The Managing Director told in an interview about the company’s interest in family offices. He then explained that family offices are looking to diversify their portfolio. eToro’s target is to get into the market which is bigger than firms. Gandham is also the Chair of CryptoUK. As the Chair and the Managing Director, Gandham will be presenting in the crypto task force for two weeks.
According to him, the reports given by the task force will affect the regulations of the UK. He then hopes to for the country to earn its regulatory clarity by the end of the year. He also added that crypto regulation would help the user to increase its adoption and at the same time decrease the risk. He also cited some actions done by users which are good but are very risky.
The Managing Director also criticized the lack of regulation and the lack of regulation of UK. The regulatory clarity will help protect every consumer and help nurture better innovation. He then requested for the government to provide clarity in guidelines.