Trading platform eToro is set to go public via special purpose acquisition company FinTech Acquisition Corp V (NASDAQ:FTCV) in a $10.4 billion deal.
Yoni Assia, founder and CEO of eToro, on Wednesday discussed the trading platform and cryptocurrency at the Benzinga Crypto Festival.
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About eToro: eToro currently has more than 22 million registered users from over 100 different countries using its platform, Assia said. Everyone is able to track performance and collaborate with others in the eToro network. Read our eToro review.
The company has patented technology that allows its users to copy the investment strategies of the most successful investors on the network, Assia told Benzinga's Jason Raznick.
eToro generated $600 million in 2020, representing 147% growth year over year. In the first half of 2021, the company has already passed the $700 million mark, Assia said.
Markets at all-time highs, record retail participation and surging cryptocurrency popularity have created "a perfect storm" for eToro.
Investing In Bitcoin: When Assia first discovered cryptocurrency, he was super excited about the technology. eToro started buying Bitcoin (CRYPTO: BTC) when it was around $5 per coin, Assia said, adding that eToro bought somewhere between 3,000 and 4,000 Bitcoin at that time.
The company ended up buying about $50,000 of Bitcoin at an average price of about $10 to $20 per Bitcoin. At the peak this year, that Bitcoin investment was worth $30 million to $40 million, Assia said.
"If you educate yourself about the markets and you understand the risks and you are willing to take risks, you can generate nice returns over time in the markets," according to Assia.
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See the full interview here:
The Good Dollar: eToro created a cryptocurrency for financial literacy purposes called the Good Dollar.
Individuals are able to visit the website, start a free online wallet and claim cryptocurrency each day by logging on, Assia explained. People are able to educate themselves about cryptocurrencies through the project.
The Good Dollar is based on the Ethereum (CRYPTO: ETH) network, Assia noted.
Current Crypto Interests: Bitcoin and Ethereum make up about 80% of the eToro CEO's crypto holdings, Assia said. He expressed some interest in Cardano (CRYPTO: ADA) when asked about the increasingly popular cryptocurrency.
“I think that there is a very interesting trend happening in sort of the Ethereum competitors. I think staking is interesting on Cardano and no doubt that the smart contracts that are gonna launch on Cardano in the next two weeks could be a game-changer," Assia said.
SPAC Notes: The merger is expected to close sometime in the third quarter. Pending shareholder approval, eToro will be listed on the Nasdaq and trade under a new ticker symbol.
FTCV Price Action: FinTech Acquisition Corp V has traded as high as $15.70 and as low as $10.02 over a 52-week period.