News

eToro Adds Cardano as it Plans US Expansion

0 Comments

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.

Other coins listed on the platform include Bitcoin Cash (BCH), Litecoin (LTC), Ripple (XRP), NEO (NEO), EOS (EOS), Dash (DASH), Ethereum Classic (ETC) and Stellar Lumens (XLM).

“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.

Cryptocurrencies

“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.

Up 7%

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%.

Invest In Cardano

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.

More about Cardano altcoin:

Summary
Review Date
Reviewed Item
eToro Adds Cardano as it Plans US Expansion
Author Rating
51star1star1star1star1star

Leave a Reply

avatar
  Subscribe  
Notify of
close-link

Risk Warning: Investing in digital currencies, stocks, shares and other securities, commodities, currencies and other derivative investment products (e.g. contracts for difference (“CFDs”) is speculative and carries a high level of risk. Each investment is unique and involves unique risks.

CFDs and other derivatives are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how an investment works and whether you can afford to take the high risk of losing your money.

Cryptocurrencies can fluctuate widely in prices and are, therefore, not appropriate for all investors. Trading cryptocurrencies is not supervised by any EU regulatory framework. Past performance does not guarantee future results. Any trading history presented is less than 5 years old unless otherwise stated and may not suffice as a basis for investment decisions. Your capital is at risk.

When trading in stocks your capital is at risk.

Past performance is not an indication of future results. Trading history presented is less than 5 years old unless otherwise stated and may not suffice as a basis for investment decisions. Prices may go down as well as up, prices can fluctuate widely, you may be exposed to currency exchange rate fluctuations and you may lose all of or more than the amount you invest. Investing is not suitable for everyone; ensure that you have fully understood the risks and legalities involved. If you are unsure, seek independent financial, legal, tax and/or accounting advice. This website does not provide investment, financial, legal, tax or accounting advice. Some links are affiliate links. For more information please read our full risk warning and disclaimer.