eToro adds 12 new altocoins for exposure to TradFi, DeFi, MEV, EVM, more

Rick Steves

“By investing in these new cryptoassets, our customers can gain exposure to the app-chain thesis, TradFi on-chain, Solana DeFi and MEV, EVM-chain alternatives and several other exciting new communities and concepts.”

eToro has expanded its cryptocurrency offerings by adding 12 new altcoins, thus diversifying the range of emerging ideas and concepts from the digital asset ecosystem.

Providing exposure to innovative trends like the app-chain thesis, on-chain traditional finance (TradFi), decentralized finance (DeFi) on Solana, miner extractable value (MEV), alternatives to Ethereum Virtual Machine (EVM) chains, the 12 new altcoins available at eToro’s trading and investing platform further positions the company as a top choice for crypto exposure.

Since 2013, eToro has provided retail clients access to the crypto market, allowing users to buy, hold, and sell over 90 cryptoassets. However, the newly listed assets will not be available to users in the United States or Germany as of the announcement.

NEAR, SEI, INJ, SUI, RON, OCEAN, JTO, ORCA, OSMO, TIA, AXL, and ONDO

The new cryptoassets introduced include layer 1 blockchains such as Near Protocol (NEAR), Sei (SEI), Injective (INJ), and Sui (SUI), alongside tokens from the Ethereum (Ronin [RON], Ocean Protocol [OCEAN]), Solana (Jito Network [JTO], Orca [ORCA]), and Cosmos (Osmosis [OSMO]) ecosystems. Innovative networks like Celestia (TIA) and Axelar (AXL), as well as Ondo Finance (ONDO), have also been listed.

Omri Ross, Chief Blockchain Scientist at eToro, said: “We are excited to enable our customers to access these new assets, covering a large range of new ideas and concepts emerging from the ecosystem. We have selected these new listings based on the broad spectrum of novel concepts they represent. By investing in these new cryptoassets, our customers can gain exposure to the app-chain thesis, TradFi on-chain, Solana DeFi and MEV, EVM-chain alternatives, and several other exciting new communities and concepts. These new listings complement eToro’s existing crypto offering by expanding into the Cosmos and Solana ecosystems, paving the way for new listings representing these rapidly growing communities of developers,” added Omri Ross.

eToro revives IPO plans with $3.5bn valuation

The Israeli social trading network has revived its IPO intentions, targeting a valuation of over $3.5 billion with a listing in either New York or London. eToro’s European and UK market focus, where nearly 70% of its revenues are generated, might influence a decision to opt for a London listing, providing a boost to a market currently facing challenges in attracting IPOs.

The plan comes as the platform saw a surge in retail trading, reaching levels not seen since the meme stock craze of 2021. The brokerage benefits from a retail trading boom, driven by record highs in US and European stock markets and bitcoin prices.

The move towards a New York IPO highlights the broader trend of European tech companies being attracted to the US market, perceived to offer higher valuations and a deeper pool of capital. Recent months have seen companies like insurer Aspen, commodity broker Marex, and gambling group Flutter either IPO in New York or shift their listings from London.

The company is also undecided on whether to allow customers to invest directly in its IPO, a strategy employed by Robinhood and contemplated by Reddit for their listings. eToro already raised $250 million in March 2023 at a valuation of $3.5 billion. The funding round was led by ION Group and Softbank’s Vision Fund 2, with participation from Velvet Sea Ventures and several other existing investors.

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