eToro, an Israel-based social trading network, was granted the virtual currency license, also known as BitLicense, by the New York State Department of Financial Services. The state regulator has also granted a money transfer license to eToro, the trading network said on Tuesday, adding that it obtained the license through eToro NY LLC, its subsidiary in the United States.
eToro in A declaration on its website explained that the licenses mean it could offer stock, crypto and options trading functionality to New Yorkers. The company added that it intends to expand its virtual wallet and integrated social investing tools to New York residents once eToro NY LLC becomes operational.
🥳 It’s official! We received our BitLicense in New York State.
Once up and running, New York users will have access to our award-winning virtual wallet, integrated social investing tools, and be able to trade stocks, cryptos, and options. https://t.co/e42aFfjEgX
— eToro USA (@eToroUS) February 21, 2023
“Securing our BitLicense and money transfer license in New York is a key step in the continued expansion of our business in the United States and demonstrates our team’s commitment to partnering with regulators and to state entities,” said Yoni Assia, co-founder and head of eToro. chief executive, said in the statement.
The new development is the latest in a series of growth moves by eToro. Earlier this month, the social trading company opened all investment assets to users in Brazil, exempting only currencies
Forex
Foreign exchange or forex is the act of converting the currency of one country into the currency of another country (which has a different currency); for example, converting British Pounds to US Dollars, and vice versa. Currency exchange can be done at a physical counter, such as at a currency exchange, or on the internet through brokerage platforms, where currency speculation takes place, known as forex trading. The foreign exchange market, by its very nature, is the largest trade in the world
Foreign exchange or forex is the act of converting the currency of one country into the currency of another country (which has a different currency); for example, converting British Pounds to US Dollars, and vice versa. Currency exchange can be done at a physical counter, such as at a currency exchange, or on the internet through brokerage platforms, where currency speculation takes place, known as forex trading. The foreign exchange market, by its very nature, is the largest trade in the world
Read this term and contracts for difference. eToro cited the need to meet regulatory requirements for the exemption.
In addition, the company launched “InvestorAI-US” in late January, an artificial intelligence-based portfolio that targets high-growth companies operating in the United States. The wallet was launched in partnership with UK startup Bridgeweave. However, eToro said the new wallet is not yet available to users in the United States.
Meanwhile, eToro in its latest Retail Investor Beat report revealed that approximately 45% of retail investors in the United States are investing or planning to invest in cryptocurrencies. The report, which is based on a survey of 10,000 retail investors from 13 countries and three continents, also revealed that a majority of retail investors (69%) are confident in their investment portfolio despite the market prolonged bearish experienced in 2022.
Additionally, the report found that a good number of younger retail investors appear to be more risk tolerant, with 76% aged 18-34 saying they are positive or indifferent to the 2022 downtrend.
“The right time to start investing is always now and we are extremely excited to bring eToro’s unique proposition to New York State residents,” noted Lule Demmissie, CEO of eToro US, adding that “ eToro believes the age-old trend that has propelled the growth of the individual trader and investor will continue. Demmissie further noted that while engagement has fallen from the “crazy highs of 2021”, trading participation is up.
eToro, an Israel-based social trading network, was granted the virtual currency license, also known as BitLicense, by the New York State Department of Financial Services. The state regulator has also granted a money transfer license to eToro, the trading network said on Tuesday, adding that it obtained the license through eToro NY LLC, its subsidiary in the United States.
eToro in A declaration on its website explained that the licenses mean it could offer stock, crypto and options trading functionality to New Yorkers. The company added that it intends to expand its virtual wallet and integrated social investing tools to New York residents once eToro NY LLC becomes operational.
🥳 It’s official! We received our BitLicense in New York State.
Once up and running, New York users will have access to our award-winning virtual wallet, integrated social investing tools, and be able to trade stocks, cryptos, and options. https://t.co/e42aFfjEgX
— eToro USA (@eToroUS) February 21, 2023
“Securing our BitLicense and money transfer license in New York is a key step in the continued expansion of our business in the United States and demonstrates our team’s commitment to partnering with regulators and to state entities,” said Yoni Assia, co-founder and head of eToro. chief executive, said in the statement.
The new development is the latest in a series of growth moves by eToro. Earlier this month, the social trading company opened all investment assets to users in Brazil, exempting only currencies
Forex
Foreign exchange or forex is the act of converting the currency of one country into the currency of another country (which has a different currency); for example, converting British Pounds to US Dollars, and vice versa. Currency exchange can be done at a physical counter, such as at a currency exchange, or on the internet through brokerage platforms, where currency speculation takes place, known as forex trading. The foreign exchange market, by its very nature, is the largest trade in the world
Foreign exchange or forex is the act of converting the currency of one country into the currency of another country (which has a different currency); for example, converting British Pounds to US Dollars, and vice versa. Currency exchange can be done at a physical counter, such as at a currency exchange, or on the internet through brokerage platforms, where currency speculation takes place, known as forex trading. The foreign exchange market, by its very nature, is the largest trade in the world
Read this term and contracts for difference. eToro cited the need to meet regulatory requirements for the exemption.
In addition, the company launched “InvestorAI-US” in late January, an artificial intelligence-based portfolio that targets high-growth companies operating in the United States. The wallet was launched in partnership with UK startup Bridgeweave. However, eToro said the new wallet is not yet available to users in the United States.
Meanwhile, eToro in its latest Retail Investor Beat report revealed that approximately 45% of retail investors in the United States are investing or planning to invest in cryptocurrencies. The report, which is based on a survey of 10,000 retail investors from 13 countries and three continents, also revealed that a majority of retail investors (69%) are confident in their investment portfolio despite the market prolonged bearish experienced in 2022.
Additionally, the report found that a good number of younger retail investors appear to be more risk tolerant, with 76% aged 18-34 saying they are positive or indifferent to the 2022 downtrend.
“The right time to start investing is always now and we are extremely excited to bring eToro’s unique proposition to New York State residents,” noted Lule Demmissie, CEO of eToro US, adding that “ eToro believes the age-old trend that has propelled the growth of the individual trader and investor will continue. Demmissie further noted that while engagement has fallen from the “crazy highs of 2021”, trading participation is up.
