eToro Launches Crypto-To-Fiat Services for UK & EU Clients; BTC, ETH Transfers on Focus

eToro, an Israeli social trading and multi-asset investment company, has unveiled its new crypto-to-fiat conversion services to UK and EU clients. The platform has expanded to enable clients to diversify their investments and trade across various asset classes. This innovative feature enables users to convert Bitcoin (BTC) and Ethereum (ETH) into traditional currencies, expanding their trading possibilities.

eToro Expands Trading Options, Launches Crypto Conversions

In the latest development, the Israeli-based eToro investment platform launched a new feature that expands its trading options. According to eToro’s official statement, the platform now allows UK and EU clients to convert cryptocurrencies into their local currencies.

Notably, Doron Rosenblum, EVP, Business Solutions at eToro, acknowledged the growing adoption of crypto. Rosenblum stated that the company’s new feature intends to help investors leverage their crypto assets for trading and investing. The feature allows investors to explore new opportunities and build diversified portfolios. He cited,

We’ve seen a new generation of people get into investing through crypto. As they mature as investors and look for ways to use their cryptoassets for trading and investing, eToro is well-equipped as a multi-asset platform to help them put their crypto to work, explore new investment opportunities and build diversified portfolios.

eToro: Harnessing Crypto Gains and Diversifying Portfolios

Over the past few weeks, the crypto market, especially Bitcoin (BTC), has been experiencing high volatility. Bitcoin, which recently hit a new all-time high of $108k, is now trading below the $90k range. Ethereum has also seen a rollercoaster ride, with its price now hovering around $2,077.

As many cryptocurrencies reach new all-time highs and slip to severe lows simultaneously, eToro provides investors with a secure “off-ramp” to lock in profits and seamlessly diversify their portfolios across various asset classes on their multi-asset platform. Doron Rosenblum stated, “With many cryptoassets reaching new all time highs but also experiencing strong volatility, the launch of crypto-to-fiat conversions on eToro means investors can use us as an ‘off-ramp’ to harness their gains and diversify into other asset classes through our multi-asset  platform.

Reportedly, eligible eToro users could seamlessly transfer their externally held BTC or ETH to eToro to convert them to GBP or EUR. This provides them an opportunity to reinvest in eToro’s diverse range of assets, withdraw fiat cash, spend using their GBP or EUR account, or use their eToro debit card.

UK Crypto Initiative: An Overview

The United Kingdom has been making efforts to foster crypto growth. In a recent development, the country has proposed to introduce a new regulatory framework to ensure the establishment of the crypto industry.

Recently, Cavendish Investment Bank chair Lisa Gordon suggested that crypto tax implementation could boost the UK economy’s growth. She believes that crypto taxation could redirect investments into local stocks, fostering economic growth.