eToro platform ramps up crypto listings with Solana’s SOL
Solana’s native token, SOL, is the next coin to join eToro’s list of featured digital assets. According to the company, SOL has made the ranks as the latest addition in order to offer eToro customers diversity in their cryptocurrency portfolio.
The altcoin will be available for trading on the platform alongside BTC, ETH, BCH, LTC, XRP, DASH, ETC, ADA, XLM, EOS, NEO, TRON, ZEC, BNB, XTZ, LINK, UNI, COMP, AAVE, YFI, MANA, ALGO, MATIC, BAT, MKR, ENJ, FIL, DOT, and MIOTA.
Solana is a decentralized computing platform whose prominent supporters include the founder of the cryptocurrency exchange FTX, Sam Bankman-Fried. The project uses Proof of Stake and Proof of History consensus mechanisms to upgrade blockchain scalability.
Solana is one of so-called “Ethereum killers,” as it claims it supports faster transactions (up to 700,000 per second) without expensive gas fees. The project has seen a number of promising developments recently, including the listing on Coinbase Pro.
The introduction of new instruments adds to eToro’s rapidly expanding suite of cryptos. The Israeli social investment platform has had a string of recent announcements in a major push to attract crypto traders and grow its user base. Earlier this month, it announced the addition of new coins, including Filecoin (FIL) and Polkadot (DOT), as it continues to explore emerging digital assets.
Commenting on the news, Doron Rosenblum, VP of Business Solutions at eToro said: “The long-term potential of crypto is clearly a concept that is now widely accepted, and the interest in crypto from both institutional and retail investors continues to grow exponentially. Adding Solana further broadens our range of cryptoassets, offering our users even more opportunity to diversify their portfolios.”
Unlike many other brokers, eToro does not simply adhere to offering crypto CFDs but also allows clients to purchase the assets, with eToro acting as custodian and holding the digital coins on behalf of clients.
In addition to clients’ ability to purchase and trade cryptocurrencies, some coins are implemented on eToro’s CryptoPortfolio, which promotes the simple diversification through focusing on cryptocurrencies with a market cap above $1 billion and minimum average monthly volume of $20 million.
eToro has been in the news recently after it struck yet another sponsorship deal, this time with Italian top-flight soccer league Serie A. The Israeli social trading and multi-asset brokerage company is active in the Europe soccer market and previously signed deals with several top leagues, including a lucrative sponsorship with Arsenal Football Club.