eToro sets up over-the-counter cryptocurrency trading desk

eToro is going to set up a new over-the-counter cryptocurrency trading desk in London. According to eToro, the most interest for this feature was coming from hedge fund owners.

eToro is a social trading platform that allows customers to copy trading behaviors of other customers. It offers to trade in foreign exchanges, stocks, and cryptocurrencies.

CEO Yoni Assia is quoted as saying:

“We’ve actually set up our corporate team here in the UK to start setting up accounts to trade on eToro. We’ve announced that we’re launching the exchange as well so, between the exchange and the OTC desk, we’re also starting to serve more potential institutions and financial institutions.”

OTC transactions allow investors to buy tokens without the amount of transparency and regulation that trades at exchanges are subject to. The CEO also said that there is “something we definitely see out there”, as public market players and big banks are interested in the crypto space. He said:

“I think there is growing institutional demand and interest of public investors to understand whether they can join the party. That is something we definitely see out there. We see more and more public market players and big banks who are interested in this space and feel left out because they’re not allowed to invest in crypto or ICOs,”

Notably, eToro added Bitcoin [BTC] trading in January of 2014. In July 2017, it offered a service known as CopyFund, which is a pool that customers can invest in to profit from the market movements of Bitcoin and Ethereum. Currently, eToro offers support for Bitcoin [BTC], Litecoin [LTC], Ethereum [ETH], Ripple [XRP], Dash, Bitcoin Cash [BCH], Stellar Lumens [XLM], Ethereum Classic [ETC], NEO, and EOS.

Earlier this week, Assia was noted as saying that selling Bitcoin is like selling Apple stocks in 2001. He said:

“My long-term view is selling crypto now is like selling Apple in 2001. You do it if you have to do it, you don’t do it if you don’t have to do it. That’s my personal view, again, every person has to decide for themselves. If you’re into this technology, you’re like, why hasn’t everybody moved on to this technology?”

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