eToro announces entry into Racing League 2021
eToro, the social investment platform, has announced that it will be the principal partner of a team that would be a part of Racing League 2021.
This is in continuation of the general policy of the company to push for heavy sponsorships in the sports domain as it already sponsors a lot of teams in football and other sports. Its focus is mainly on the male traders and they believe that these sports sponsorships would help them to grab their eyeballs.
Dylan Holman, global sponsorship senior manager at eToro commented “We are delighted to add eToro Racing to our global sponsorship programme. As a leading investment platform with over 20m registered users worldwide, we believe sponsorships are a powerful tool for delivering financial education and opening up the global markets to everyone. We are excited to be partnering with Racing League and see this as an opportunity to reach a new community and get more people interested in investing.”
EToro has been busy this year as it is believed that it is pushing for an impending IPO later in the year. It has chosen the SPAC route in NASDAQ for this and the valuation is expected to be around $10.4 billion. It is likely to face a lot of regulatory headwinds as it has a lot of instruments that the regulators may frown upon.
The company has been expanding its team in the UK over the last couple of months and these sponsorships and large marketing campaigns are also tuned to give it a push in this region.
Oli Harris, CMO at Racing League said “eToro is the leading brand in their space and we are very lucky to have them as a team partner. They will offer our audience the chance to learn about trading, whether stocks or crypto, via bespoke webinars and educational content. It really is a great partnership with a brand that has a growing presence in the sport worldwide.”
The company has also been pushing hard on adding more instruments into the platform to keep it attractive and relevant to the times that we live in as eToro continues to add more cryptos to the platform. Cryptos are the rage right now among the trading community and it does make sense for these to be made available on the platform though it remains to be seen how the regulators would view it when it goes for approval of its IPO application in the near future.