When one of the biggest players in the Foreign Exchange market, eToro, starts getting involved with cryptocurrencies such as Bitcoin and Ethereum, you have to take notice. For anyone unfamiliar with the Foreign Exchange market, it allows traders to buy or sell currency pairs depending on if they think its price will rise or fall.
Traditionally only for hard currencies such as the GBP or USD, the inclusion of a CryptoFund by eToro allowing you can trade in the same way as the hard currencies is a big step.
Made up of Ethereum, Dash, Litecoin, Ripple and Bitcoin, the CryptoFund now lets people trade cryptocurrencies on the exchange in the same way as hard currencies. Currently, Bitcoin has the highest market capitalisation of the ones included in the CryptoFund with $40 billion but Ethereum and Litecoin aren’t far behind either.
So does this move by eToro help the cryptocurrencies gain in popularity more? In terms of making it more accessible and visible to people, the answer would seem to be yes.
Where many people may have heard of names such as Bitcoin or Ethereum in the news, actually having the chance to interact with them on a personal level will increase their current familiarity.
Having it trading in plain sight alongside trusted hard currencies should also increase the public’s belief in it and make it seem more transparent as something to use in daily life.
It must also be remembered that eToro are one of the premier financial institutions operating around the world today. Their willingness to offer the CryptoFund and get involved with cryptocurrencies must surely be a good thing for this type of e-commerce.
The stature they have globally is certainly not a bad thing for the cryptocurrencies to share and any of the trust that eToro can pass on will be greatly received.
One thing is for sure – the popularity of cryptocurrencies and the flexible solution to financial transactions they offer only seems set to rise. It would appear that more and more people are taking advantage of the dynamic approach to finance solutions they offer.
You should consider reading our full eToro Review to get started trading in cryptocurrencies.