eToro to Launch Crypto Exchange to Compete with Major Platforms

Days after setting up an over the counter (OTC) trading desk in London for institutional investors, including hedge funds and banks, it is believed that social trading network eToro will release their crypto wallet by next month ahead of their exchange launch set for Q4 2018.

eToro believes the USA is an amazing market

eToro’s Managing Director Iqbal Gandham was reporting that eToro is expanding into the U.S. and have started going through regulatory processes to establish licenses. He also mentioned that the U.S. is a ‘phenomenal market for crypto assets’ and that there has been a ‘lot of interest’ from family offices because they are looking to diversify their portfolio.

The Company is currently working on its launch of Crypto wallet which is scheduled to be launched in August. He was quoted saying.

“We are launching our crypto exchange and wallet soon. We’re looking at the qexchange coming out within the next quarter, we’re looking at Q4. I feel the wallet release date will probably be towards the end of July, if not early August.

The exchange will follow certain regulatory priorities which will happen in Gibraltar. It may get accelerated if Bitcoin’s price goes up to $20,000.”

“We’re putting together the internal processes. I feel if we dot the i’s and cross the t’s, we’re looking at Q4 to launch the OTC desk here in the UK. Some of our customers have said we want to do OTC trading. It will be an interesting part of the jigsaw puzzle that eToro is putting together.”

Also, read: Etoro Targets Institutions with an OTC Crypto Trading Desk

UK opaque on its regulatory future

Gandham, who also holds the position of Chairman of CryptoUK, a self-regulatory body set up by leading crypto exchanges to help formulate suitable regulation. He will also be presenting at the crypto assets task force in coming two weeks. He said that the reports by this task force and the UK Treasury Select Committee will shape the UK regulations and that we will hopefully have regulatory clarity by the end of the year.

According to him the lack of regulation was ‘very confusing’ for businesses and also halting them in progressing. He said that clarity on regulation will help businesses ‘foster innovation and protect the consumer.’ He called on the government to provide clear guidelines.

Gandham’s comments reflect eToro’s commitment to cryptocurrencies and look really optimistic moving forward.

Will eToro be able to defeat its competitors and get ahead in the race? Do let us know your views on the same.