eToro, a global trading and investment platform, has announced the addition of IOTA to its list of crypto assets, bringing the total number available to 12.
The move to add the 11th-ranked cryptocurrency by market cap comes as investors seek more diversity with their portfolios. IOTA is now available on the platform alongside Bitcoin, Ethereum, BCH, XRP, Litecoin, Ethereum Classic, Dash, Stellar, EOS, Cardano, and NEO.
In light of the announcement, Yoni Assia, co-founder and CEO at eToro, said:
“At eToro we believe in diversification and we are committed to bringing more crypto assets onto our platform for our users to invest in.”
Underpinned by a blockless technology known as the Tangle, IOTA enables transactions to be settled with zero fees. This means that devices are able to trade the exact amounts of resources on-demand, in addition to storing data from sensors and data-loggers securely, which are verified on the ledger. Notably, IOTA is aiming to become the cornerstone for the Internet of Things (IoT).
Assia continued by adding:
“Today, there are billions of devices that rely on the Internet of Things and this number is growing exponentially, with millions more new sensors added every week, as the planet becomes ever-more connected. IOTA aims to be the ‘ledger of everything’ by allowing data exchange between the sensor-equipped devices that populate IoT.”
IOTA will be added to eToro’s Crypto CopyFund, which uses contracts for differences (CFDs). This allows investors to diversify across all available cryptocurrencies with just one click.
Regulated by the Cyprus Securities and Exchange Commission and the U.K.’s Financial Conduct Authority (FCA), eToro empowers people to invest on their own terms. In addition to investing in digital currencies, the platform enables people to put their money into stocks and commodities.
News of the addition of IOTA comes amid a fruitful year for the platform. As well as adding new crypto assets throughout 2018, eToro raised $100 million during a venture round in March. Its reported that the money will go toward the support of their global expansion and the development of blockchain-backed technologies.
In an interview with Bitcoindicate in May, Assia indicated that the platform will be launching its own exchange later this year. At the time, he said that this was so eToro could “support hundreds of tokens.” Not only that, but with its upcoming crypto offering in the U.S. and the launch of its eToro wallet, the platform is cementing itself as a trusted player in the crypto industry.