On October 26, it was announced that eToro was extending its cryptocurrency services in Australia, upping the total number of cryptocurrencies accessible to its customers to 36, according to Financial Standard.
Thus, Australian investors who establish new positions on the platform now have even more alternatives for diversifying their portfolios while also obtaining the underlying asset, thanks to the inclusion of the additional crypto assets to the platform.
Apart from that, the multi-asset investing platform has said that from November 1, Australian users can earn monthly crypto staking rewards using eToro’s specialized staking service that lets you earn on your Cardano (ADA) and TRON (TRX) investments via the platform.
Participating in blockchain network support and transaction confirmation means committing one’s crypto assets to the network on behalf of the user, which holders are rewarded in return for their holdings.
eToro Wallet transfers
In addition, the firm confirmed that cryptocurrency transfers from the eToro platform to the eToro Wallet, an online crypto wallet where customers can store their digital currency, will be available in the near future and that it will provide further information about their product in the coming weeks.
Australian Managing Director at eToro, Robert Francis, stated:
“eToro has been a pioneer in the crypto markets, and we are excited to observe more Australians dipping their toes into this emerging asset class.”
“The crypto ecosystem is expanding with the emergence of new altcoins, and as a result, we are seeing Australian investors looking at crypto beyond a store of value, instead of using it as a way to diversify their portfolios beyond traditional assets like stocks, in order to hedge against risks such as inflation.”
Ultimately, the move has only increased the offerings of the investment platform, which already has over 23 million registered users worldwide, who buy, hold, and sell a variety of different financial assets, including cryptocurrencies using its service.