eToro Adds Cardano as it Plans US Expansion
Cardano (ADA) is the latest coin to be added to eToro, making it the eleventh cryptocurrency to be listed on the social trading platform.
eToro, known for its proprietary CopyTrader technology already lists leading cryptocurrencies like bitcoin and ethereum. CopyTrader allows users to automatically employ the strategies used by the best traders of their platform. The platform already support Ethereum and bitcoin pairs which can be traded with the Euro.
“Cardano is the latest cryptocurrency to be added to eToro’s selections,” the company announced on its blog. “eToro clients can now trade and invest in ADA and add the [cryptocurrency] to their portfolios,” the statement added.
eToro is planning to expand to the US after a successful funding round in which $100 million was raised. Plans to open a cryptocurrency exchange desk are underway, according to reports.
Cardano has a similar vision as Ethereum with the aim of serving as a smart contracts platform. It, however, boasts of being the “first blockchain platform to evolve out of a scientific philosophy and a research first driven approach.” Cardano is also built to support decentralised apps.
Superior two-layer structure
Like Ethereum, initial coin offerings can be launched on top of Cardano. It, however, has a superior two-layer structure consisting of the Cardano Central Layer where transactions are conducted and a development layer also known as Cardano Computation Layer.
“As the blockchain revolution continues, it can be assumed that companies that present added value, such as Cardano’s blockchain development platform, will have a stronger foothold in the market,” eToro says in a statement.
“While some other cryptocurrencies could fall to the ebb and flow of supply and demand, Cardano’s strong, highly-regarded blockchain platform could be a driving force in maintaining its position as one of the world’s leading cryptocurrencies,” the statement adds.
Cardano was one of the fast-rising star in the market late 2017 and early 2018 before a serious market slump kicked in in February.
The cryptocurrency now ranked eighth according to data from CoinMarketCap has a market capitalisation of nearly $3.5 billion. It was launched in the last quarter of 2017 when the market was experiencing a record surge.
A unit is currently selling at $0.134713 up nearly 7% in the last 24 hours. At its peak on January, its total market capitalisation had reached an astounding 33.1 billion before a spectacular drop. A unit was then selling at $1.28. This is a decrease of nearly 90%.
Today’s price increase appears to be in line with general market uptick that started over the weekend as the market recovers from yet another downswing over the weekend.
The expansion into the US will see more cryptocurrencies added per previous statements by eToro CEO Yoni Assia. A cryptocurrency wallet is also said to be in the works.