eToro announces crypto staking and underlying assets for Australians
Australian users opening cryptoasset positions on eToro can now purchase the underlying asset. Soon eToro will enable coin transfers from the eToro platform to the eToro Wallet.
eToro has sweetened its crypto trading offering available for its Australian client base by adding 15 cryptoassets to the platform.
On top of that, the multi-asset investment platform has added staking so that its users are able to earn rewards by putting their crypto to work.
Staking involves committing the user’s crypto assets to support a blockchain network and confirm transactions. In exchange, holders earn rewards.
eToro Australia is now offering 36 cryptoassets on the platform after adding the following 15 instruments: Solana (SOL), Cosmos (ATOM), The Graph (GRT), Curve (CRV), 1inch (1INCH), Maker (MKR), Enjin (ENJ), Shiba Inu (SHIB), Dogecoin (DOGE), Filecoin (FIL), Aave (AAVE), Compound (COMP), yearn.finance (YFI), Decentraland (MANA) and Polkadot (DOT).
As to staking rewards, eToro allows users to earn monthly on their Cardano (ADA) and TRON (TRX) investments, through eToro’s dedicated staking service. Assets staked on behalf of users are real cryptoassets (not CFDs) and the underlying asset remains the property of the eToro user.
Moreover, Australian users opening cryptoasset positions on eToro can now purchase the underlying asset. Soon eToro will enable coin transfers from the eToro platform to the eToro Wallet.
Robert Francis, Australian Managing Director at eToro, said: “eToro has been a pioneer in the crypto markets and we are excited to observe more Australians dipping their toes into this emerging asset class. The crypto ecosystem is expanding with the emergence of new altcoins and as a result we are seeing Australian investors looking at crypto beyond a store of value, instead using it as a way to diversify their portfolios beyond traditional assets like stocks, in order to hedge against risks such as inflation.
“As we continue to strengthen our crypto offering Down Under, we urge investors to keep in mind that crypto is a highly volatile asset class. Investors should remember the basic tenets of investing: diversify, understand what you are investing in and never invest more than you can afford to lose”.
eToro was founded in 2007 and expanded internationally at a very fast pace, now boasting over 23 million registered users on its multi-asset investment platform.
The broker’s UK entity has turned a profit in the previous fiscal year thanks to a massive increase in revenue for the twelve months ending December 31, 2020.
Yoni Assia co-founded broker posted a total of £42 million worth of trading commissions, which represents a growth of 1400 percent year-over-year from only £3.05 million the company reported in 2019.