eToro, the global investment platform with over 10 million registered users, today confirms the roll out of its crypto wallet.

The eToro wallet is a mobile application available via Google Play and the Apple App Store. It provides an easy to use customer interface and enhanced security. Multi-signature* security gives users the ability to see their on-blockchain transactions and balances without the fear of losing their private key**.

Yoni Assia, CEO of eToro comments: “We believe that crypto and the blockchain technology that underpins it will have a huge impact on global finance. Blockchain has the potential to revolutionise finance and we believe that we will see the greatest transfer of wealth ever onto the blockchain. We believe that in the future all assets will be tokenised and that crypto is just the first step on this journey. Just as eToro has opened up traditional markets for investors, we want to do the same in a tokenised world. The eToro wallet is a key part of this.”  

In order to ensure the best customer experience for clients, eToro is launching its crypto wallet on a phased basis both in terms of users, with a country by country roll out, and functionality.

At launch, users will be able to store Bitcoin, Bitcoin Cash, Ethereum and Litecoin in their eToro wallet. The number of supported cryptos will increase over time just as eToro has increased the number of cryptos available on its platform.

Initially, the ability to transfer crypto from eToro to the wallet will be available to Platinum Club*** members for Bitcoin. This will gradually be extended to more users and a greater number of crypto assets.

Yoni Assia continued: The eToro wallet today is just the beginning and we will adding a whole host of additional functionality which will include supporting additional crypto and fiat tokens, crypto to crypto conversion, the ability to deposit fiat, payment in store and more.”


About the wallet:

The etoro wallet is provided by eToro X Limited (“eToro X”).  eToro X is incorporated in Gibraltar with company number 116348, registered office 57/63 Line Wall Road, Gibraltar (“eToroX”). eToro X have received an ‘in-principle’ approval from the Gibraltar Financial Services Commission in respect of its application for a Distributed Ledger Technology (DLT) Provider Licence application.


About eToro:

eToro empowers people to invest on their own terms. The platform enables people to invest in the assets they want, from stocks and commodities to cryptoassets. eToro is a global community of more than ten million registered users who share their investment strategies; and anyone can follow the approaches of those who have been the most successful. Due to the simplicity of the platform users can easily buy, hold and sell assets, monitor their portfolio in real time, and transact whenever they want.

eToro is regulated in Europe by Cyprus Securities and Exchange Commission and regulated by the Financial Conduct Authority in the UK.

Cryptoassets are unregulated and can fluctuate widely in price and are, therefore, not appropriate for all investors. Trading cryptoassets is not supervised by any EU regulatory framework. Your capital is at risk.

*This post is credited to Paymentweek

Jim Yong Kim, the president of the World Bank, has recently stated he believes blockchain technology has “huge potential,” and that embracing the technology is essential for the organization’s goals.

His words came during the International Monetary Fund (IMF) and the World Banks’ Annual Meetings in Bali, and were filmed by CNBC. They came as he mentioned the World Bank’s mission is to end poverty and boost prosperity.

Kim noted there are innovations in the world that can “help us leapfrog generations of bad practice,” and that it could take “forever in terms of reducing corruption.” He added:

We talked about cryptocurrencies but we think distributed ledger [technology] has huge potential and we issued the first blockchain bond in August, where we created, allocated, transferred and managed the entire bond through blockchain technology.

Adding to this, Kim said using blockchain technology not only helped reduce the amount of paperwork the World Bank had to deal with after launching the world’s first blockchain bond, but also helped it reduce costs.

Distributed ledger technology, he added, can be extremely helpful in the future. In his words, the World Bank Group hasn’t been keeping up with the latest developments and is not “doing it in a way that would help our clients take advantages of the great things that are coming out.”

Kim added that universal access to financial services by 2020 is one of the World Bank’s goals, after restating the organization thinks there’s “huge potential” in this type of technology and, presumably, fintech in general.

Things in the tech space, he said, are moving incredibly quickly. Since the organization deals with countries that don’t have tech centers like Silicon Valley, he noted it’s “absolutely” the organization’s responsibility to keep up with these new technologies.

As CryptoGlobe reported various organizations have been looking into the crypto and fintech space and its potential impact on the global financial scene. The Financial Stability Board (FSB), an “international body that monitors and makes recommendations about the global financial system,” published a report arguing the growing popularity of cryptoasset could affect financial stability.

In its World Economic Outlook: Challenges to Steady Growth report, the International Monetary Fund (IMF) mentioned that cryptoassets could create “new vulnerabilities” in the global financial system.

*This post is credited to CryptoGlobe

Swiss cryptoasset firm Crypto Finance says it will use its newly won regulatory approval as a platform for foreign expansion, most likely in Asia. The firm’s Crypto Fund unit was awarded an asset management license by the Swiss financial regulator on Tuesday.

The license will allow Crypto Fund to sell cryptocurrency-linked collective investment schemes to institutional clients on the same footing as traditional asset managers in Switzerland. The Swiss Financial Market Supervisory Authority (FINMA) license was the first of its kind awarded to a cryptoasset company.

“Before getting the license we were a start-up. Now we are a fully-fledged member of the regulated, established financial system,” Crypto Finance CEO Jan Brzezek told swissinfo.ch. “FINMA has exacting standards that are appreciated by other regulators around the world.”

This gold-plated seal of approval should give the Zug-headquartered firm enough clout to persuade other jurisdictions to allow the company to set up residence, Brzezek believes. “Asia is an open-minded market, open for financial innovation,” he said. “In Asia banks don’t mean physical buildings, they are apps.”

Strategic partners

Crypto Finance is exploring opportunities in Singapore, Hong Kong and other states. But the final destination depends on which country’s regulator is prepared to open their arms to the company.

The firm is also looking to partner with strategic investors in Asia to help smooth the way into the new market once it has found a location for its new branch.

Another factor influencing Crypto Finance’s foreign expansion timing is the calming of volatility in the cryptocurrency markets. Although bitcoin and other cryptocurrencies have lost a great deal of their dollar-conversion value this year, the boom and bust cycle of 2017 appears to Brzezek to be over.

For now, the company is concentrating on expanding its range of financial products by adding two more European-based funds, one passive and another to be actively managed on behalf of clients. A Swiss-based fund linked to a basket of cryptocurrencies is also likely to be on the horizon.

Storage breakthrough

And the firm recently made another breakthrough when a Swiss bank, which Brzezek declines to name, agreed to onboard his company’s cryptocurrency storage solution. This will allow the bank to take custody of clients’ bitcoins.

The year-long journey to getting a FINMA license obliged Crypto Finance to jump through a number of hoops for the Swiss regulator. Quite apart from demanding stringent anti-money laundering requirements, the regulator went through the firm’s financial books, business plan, products, management team and investors with a fine comb.

But the effort will bear fruit, according to Crypto Fund Chief Operating Officer Mathias Maurer. For one thing, Crypto Fund is no longer obliged to limit the amount of assets it manages on behalf of clients to CHF100 million.

The 20-year veteran of the Swiss banking and hedge fund industry also believes the cryptoasset financial market is on the verge of rapid growth.

“The promise is huge,” he told swissinfo.ch. “Up until now it has been very tech-driven, but we are starting to see the first concrete use cases that can switch the vision into reality. Just as with the hedge fund industry, it may take two or three years to convince people to invest in this asset class. Then it will really take off.”

Crypto Finance

Crypto Finance was established in Zug in June 2017 with financial support from a range of investors including hedge fund pioneer Rainer-Marc Frey. It carries out much of its operations in Zurich, a stone’s throw from the Paradeplatz banking centre and the old site of the Swiss stock exchange.

It consists of three business units. The asset management Crypto Fund division recently won a FINMA license. Crypto Broker currently links 88 institutional clients, including banks and family offices, with 10 crypto trading exchanges, such as Bitstamp and Kraken. Crypto Storage offers a solution for clients who want to safely store their cryptocurrencies. It has recently signed up an unnamed Swiss bank to use its services.

The company currently employs 40 staff and has around 15 external developers. It does not give information about its financial performance.

*This post is credited to SWI swissinfo.ch