eToro adds Aave, Compound, Yearn.Finance, Decentraland to crypto offering

Rick Steves

The trading platform was one of the first to offer access to crypto markets since 2013 and has now 20 million registered users.

eToro has added four new cryptoassets as the global multi-asset investment platform addresses the growing demand for exposure to digital assets.

The platform, which has recently gone public in a SPAC deal, has added Aave, Compound, Yearn.Finance and Decentraland, taking the total number of cryptoassets on eToro to 23.

Doron Rosenblum, VP of Business Solutions at eToro, said: “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.

“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.”

Aave (AAVE) coin is the largest of the new additions with a market cap of $5.3bn. It supports the Aave protocol which is most famous for “flash loans”. These are loans borrowed and repaid in quick succession without the need for collateral. AAVE, the governance token of the Aave protocol, allows holders to shape the future of the project by making and voting on proposals.

Compound (COMP) is an “algorithmic, autonomous interest rate protocol”, whose governance token allows holders to propose and vote on upgrades to the protocol. Its market cap is currently $4bn.

Yearn.Finance (YFI) is a decentralised robo-adviser, allowing users to automatically allocate funds to the most lucrative yield-earning opportunities in the booming DeFi market, including lending aggregation, yield generation, and insurance. YFI is the governance token of Yearn.Finance, and is used to vote on proposals and receive cash flow from fees earned by the protocol.

Decentraland is an ethereum-powered protocol that melds virtual reality with blockchain to create a Minecraft-inspired 3D world, where players can socialise with friends, visit virtual casinos, and trade collectible items in the form of non-fungible tokens (NFTs). MANA is the money of Decentraland.

eToro has recently added Dogecoin in May, and Chainlink and Uniswap in April. The trading platform was one of the first to offer access to crypto markets since 2013 and has now 20 million registered users.

eToro has recently announced it is going public via SPAC after reaching a deal with SPAC Fintech V with an estimated implied equity value of approximately $10.4 billion. The combined company is expected to be listed on NASDAQ and will hold $800 million net cash on its balance sheet to support future growth.

The transaction includes $250 million in gross proceeds from FinTech V’s cash in trust and $650 million in gross proceeds from a fully committed private placement in public equity (“PIPE”) at $10.00 per share from a number of investors. Existing equity holders will retain 91% ownership.

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