Categories: Ripple

Breaking: eToro Raises $100 Million in Bid to Fund Blockchain Ventures

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eToro, the global social trading and investment platform, announced today that it managed to raised $100 million in a venture round.

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“We were working on this move for the last few months. Many investors are interested in our growth, mostly thanks to our aggressive penetration to the stocks and crypto markets.” said eToro’s CEO and co-founder Yoni Assia in an exclusive comment to Finance Magnates. “We believe in our ambitious vision and happy to see such strategic investors who see the future in the same way,” he added.

The funds raised will be used for various blockchain ventures, further development of the company social trading platform as well as an expansion to new markets. According to Assia, one of the aforementioned blockchain projects is their own decentralized crypto exchange, that he revealed In a recent interview given to Finance Magnates. Another project the company is mulling is an IPO.

With some help from Asian partners

The funding round was led by China Minsheng Financial and was participated in by SBI Group, Korea Investment Partners, World Wide Invest and other investors. Rothschild also assisted the move and acted as the exclusive financial adviser.

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It is no wonder that SBI group, which is involved in prominent blockchain projects like Ripple and R3, is one of the investors. “SBI is a great example of a solid and traditional financial group that understands how important it is to be involved in this new world and how big the revolution is going to be”, Assia noted.

The total amount of funds raised by the social trading provider in eight funding rounds is $162 million. According to a publication on the Israeli business daily Globes, the company, that saw tremendous growth recently after adding cryptocurrencies to its trading platform, is now valued at $800 million.

All in on crypto

eToro, founded in 2007, employs 500 workers around the world and offers a multi-asset trading platform, with offerings such as stocks, forex and CFDs. Last year, the company added cryptocurrency offerings to its platform and since then reported significant growth in the number of its accounts and trading volume.

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