eToro Adds 4 New Tokens to Platform as Cryptoassets Hit 62

The social investment and trading network, eToro has added four new tokens to the line of cryptoassets that customers can trade on its platform.

The new tokens are Ethereum Name Service (ENS), Cronos (CRO), Kyber Network (KNC) and LUNA.

The company announced launching the new tokens on Tuesday on its website. However, the network said the new assets are not being launched in the United States.

This new development comes a few days after the network announced its collaboration with Powerleague, a provider of commercial small sided football in the UK, to provide equipment to thousands of netball players.

Uses of eToro’s New Tokens

ENS is the governance token of the Ethereum Name Service, an Ethereum-based project launched on 4 May 2017 by Alex Van de Sande and Nick Johnson from the Ethereum Foundation.

The project allows users to display long Ethereum public addresses in a simplified text-based way.

“Ethereum Name Service makes the blockchain easier to use by replacing long crypto addresses with short ENS domains such as ‘Alice.ETH’. ENS is the protocol’s native token and will be used to propose and vote on governance decisions,” eToro said in its announcement.

CRO is the native token of Cronos, a sidechain that operates alongside the main Crypto.org Chain built on Ethermint.

“Cronos (CRO) is a blockchain network that is interoperable with both Ethereum and Cosmos. It aims to help scale DeFi and Web3 by enabling developers to instantly port apps and assets between the two networks,” eToro wrote.

According to the network, KNC is “a tool that connects liquidity from different sources, enabling anyone to instantly swap tokens without an exchange. KNC or Kyber Network Crystal is an Ethereum token used for paying fees on Kyber Network.”

LUNA is the native token of the Terra network, the blockchain platform focused on decentralized stablecoins. LUNA is used for staking, governance and collateral for Terra’s algorithmic stablecoins.

In addition to the new tokens, customers still have access to eToro’s existing cryptocurrencies and tokens, including Bitcoin, Ether, Bitcoin Cash, Litecoin and XRP.

eToro’s Growth Drive

Early this month, eToro launched eToro.art, which is its $20 million non-fungible token-related (NTF) fund to support NFT creators, agencies and brands within the sphere.

In January, the network expanded its offerings in the United States by adding several new US stocks and exchange-traded funds to enable its customers in the country to diversify their investment portfolios.

According to eToro’s fourth-quarter financial statement for 2021 released last month, the social investment work netted $304 million, which is up 85% compared with the same period in 2020.

"eToro closed 2021 with a strong fourth quarter, generating over $300 million in total commissions. We are extremely proud of our accomplishments in 2021, some of which include growing the eToro network by more than 9 million registered users while more than doubling our funded accounts,” Yoni Assia, the CEO and Co-Founder of eToro, said in a statement.