By
Temitope Olatunji
April 26th, 2024
eToro said that it will continue to empower our Spanish users by providing them with access to a diverse range of asset classes.
Multi-asset investment platform eToro announced on Friday, July 28, that the Bank of Spain has approved its registration as a service provider for offering virtual assets, fiat assets, and other custodial wallet services.
The eToro platform is an investment platform that helps people invest and learn about various assets. It’s like a community where users can share and gain knowledge to grow their wealth. On eToro, users can invest in traditional and new assets, and there are different ways to invest, like direct trading, portfolio investing, or copying other investors.
They also offer educational resources for beginners and experienced investors where users can practice investing without real money using a virtual portfolio. Speaking on the development, Tali Salomon, eToro’s Regional Manager for Iberia and LatAm, said:
“This registration is a testament to our commitment to operating a growing business which prioritises consumer protection while also nurturing innovation and ensuring access for individual investors. As a multi-asset platform which has been a long standing supporter of crypto and blockchain technology, we are proud to have received this registration from the Bank of Spain. We will continue to empower our Spanish users by providing them with access to a diverse range of asset classes, investment tools and educational resources to enable them to grow their knowledge and wealth.”
eToro Plans Expansion with More Offerings
Over the last year, crypto trading platform eToro decided to expand in the US market by acquiring the options trading platform Gatsby for a deal worth $50 million. Moreover, acquiring Gatsby allows the firm to expand its product offerings for customers, going beyond crypto and stocks. Gatsby’s app offers commission-free options and stock trading, opening up endless investment possibilities.
As part of the acquisition, some of Gatsby’s top executives have also joined eToro. To support its expansion plans, eToro had already applied for regulatory approval with the SEC.
Earlier this month, eToro stopped offering four crypto assets – Algorand (ALGO), Decentraland (MANA), Polygon (MATIC), and Dash (DASH) – to its US customers. “We are constantly monitoring the changing regulatory environment in the US and how it affects the crypto assets that we offer on our platform,” it noted.