Broker eToro Launches its Own Crypto Wallet

The Cyprus-based firm offers a portfolio of the most popular crypto assets, and now a proprietary wallet to secure ownership with a private key.

The eToro wallet, a multi-asset storage solution, is now available for download on Google Play and Apple Store,  the broker announced in a tweet.

However, users are warning that the brand-new wallet does not seem to have full functionality.

The eToro trading ecosystem has developed rapidly in the past year with the portfolio selection expanding. This was followed by eToro allowing withdrawals of crypto assets, meaning the participants were no longer just speculating on the price change, but later turned into owners.

The wallet was the next logical step for eToro.

“We believe that crypto and the blockchain technology that underpins it will have a huge impact on global finance. Blockchain has the potential to revolutionize finance and we believe that we will see the greatest transfer of wealth ever onto the blockchain. We believe that in the future all assets will be tokenized and that crypto is just the first step on this journey. Just as eToro has opened up traditional markets for investors, we want to do the same in a tokenized world. The eToro wallet is a key part of this,” commented Yoni Assia, CEO of eToro. 

The eToro wallet will unroll by functionality and country, starting with a limited selection of crypto assets. Initially, the wallet would offer Bitcoin, Bitcoin Cash, Ethereum and Litecoin. Initially, the direct transfer of Bitcoin from the eToro platform into the wallet will only be available to Platinum Club members. The Platinum club is for clients with more than $25,000 on the platform.

In the future, the wallet would also offer crypto-to-crypto and fiat-to-crypto conversions and fiat deposits. The wallet will use multi-signature technology.

The eToro platform has included assets like XRP, Stellar (XLM), NEM and others, but Bitcoin remains the leader. The platform is one of the fully legal ways to get on board the crypto market, although the withdrawals are more difficult compared to buying on traditional exchanges. Additionally, liquidity comes from real-world cash investments.

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