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

eToro, the global social trading and investment platform, announced on Wednesday that it succeeded in raising $100 million in a recent venture round.

"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," eToro's CEO and co-founder Yoni Assia said 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.

We are happy to announce that @etoro has completed a fund-raise of $100 Million to support our expansion into new markets as well as continued research and development of #blockchaintechnology, and the digitization of assets! pic.twitter.com/7sv0L8rBRi

— eToro (@eToro) March 21, 2018

The funds raised will be used for various Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term ventures, further development of the company's 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, which he revealed In a recent interview with Finance Magnates.

The total amount of funds raised by the social trading provider in eight funding rounds is $162 million. According to a report by the Israeli business daily Globes, the company, which recently saw tremendous growth after adding Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term to its trading platform, is now valued at $800 million.

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.

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.

An Asian expansion is something that eToro has been contemplating for a while now. According to Assia, he is considering using the newly acquired funds for some major acquisitions in the area. “South Korea and Japan are extremely interesting. We’re in a process of examining some exchanges there.”

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 both the number of its accounts and trading volume.

Assia declined intentions to launch an ICO. “It’s very complex to set up an ICO for such a company.” However, he revealed that the company is mulling an IPO.