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$100 Million Raised by Etoro to Fund Blockchain Technology Research

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March 22, 2018 | 

Joanna Newman |  0 Comments| 

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Social trading network eToro has successfully raised $100 million in a Series E financing round. Korea Investment Partners (KIP), World Wide Invest and Strategic Business Innovator (SBI) Group participated in this round which was led by China Minsheng Financial taking the total capital raised to $162 million. Rothschild filled the shoes of an exclusive financial adviser.

The emerging trading platform is now worth $800 million and plans to finance business operations expansion and fund blockchain and cryptocurrency ventures with the raised money. According to the CEO, Yoni Assia, South Korean and Japanese markets appear to be the most interesting ones for expansion but the company is looking at all the options.

eToro was founded in 2007 with a unique trading model for newbie investors where they could copy trading in real time from seasoned and knowledgeable investors. With 9 million active users and more than $1 billion in customer deposits by the end of 2017, eToro has gained a lot of success in last few years. The company has 500 employees around the globe and offers a range of investments such as forex, stocks, and CFDs. eToro copy trader review was also a glowing endorsement for the company.

Yoni Assia, the CEO of eToro said:

"eToro was built with the vision of democratizing financial markets by making trading and investing accessible to all. Since launching, we’ve seen strong customer demand for our approach and today’s announcement is an important milestone in marking the success that we’ve had and signaling a new period of growth and expansion for our business."



eToro already had plans for global expansion as the trading platform's United Kingdom managing director said:

"We’re planning for scalability, we’re firmly behind cryptocurrencies… we don’t believe that this growth is going to stop in 2018. So, we’ve scaled up our operation teams–whether that’s for onboarding new customers, or supporting existing customers, or directly supporting individuals who want to withdraw their money.”

eToro's foray into the cryptocurrency space has really pushed the growth boundaries for the company as 2017 saw immense growth during last months of the year. According to a company official, in 2017 there was a 24 hour period when they brought more customers on board than they did in the whole year. The exponential growth of the trading platform, $100 million funding round and market cap shooting up to almost a billion dollars, eToro looks set to have a productive and highly successful year.

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Total Market Cap The Total Market Capitalization (Market Cap) is an indicator that measures the size of all the cryptocurrencies.It’s the total market value of all the cryptocurrencies' circulating supply: so it’s the total value of all the coins that have been mined.

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