The social trading network eToro will publish its crypto-wallet until next month before the stock market launch in the fourth quarter of 2018. In an interview, the Managing Director said that there was great interest in their new Crypto Trading Desk.
Bitcoin revolution: USA is a Phenomenal Market
eToro CEO Iqbal Gandham announced that they will launch their Crypto Wallet by August before launching their Crypto Exchange planned for Q4 2018. The Bitcoin revolution will follow as compliance with Gibraltar regulations has yet to be completed:
“We will soon launch our Crypto Exchange and our Wallet. We will look at the exchange within the next quarter, we will look at Q4. I think the wallet release date will probably be the end of July, if not the beginning of August. The exchange will be guided by certain regulatory priorities required in Gibraltar. It could be accelerated if Bitcoin’s price rises to $20,000.”
The CEO said that eToro is expanding into the US and has begun regulatory processes to establish licenses. He said the US is a “phenomenal market for cryptographic equipment”.
eToro recently announced that they will set up an OTC Trading Deks in London for institutional investors, including hedge funds and banks. This is in competition with Coinbase Custody, which launched its service on 2 July, which has already attracted $100 million.
“We’re putting together the internal processes. I think when we dot the i’s and cross the t’s we’re looking at Q4 to start the OTC switch here in the UK. Some of our customers have said that they want to do OTC trading. It will be an interesting part of the puzzle eToro is putting together.”
eToro has become a leading crypto trading platform and is not only convincing with its social media character where traders can exchange information. There is the possibility to deposit via Paypal and you can trade the most popular crypto currencies and follow famous traders and copy their strategies.
UK has no regulation for Bitcoin trader yet
Gandham is the chairman of CryptoUK, a self-regulatory Bitcoin trader organisation established by leading crypto exchanges to support the development of appropriate regulation. He will be attending the Crypto Assets Task Force in two weeks. He said that the reports from this Task Force and the UK Treasury Select Committee will shape the UK rules for Bitcoin trader and prevent scam that hopefully by the end of the year we will have clarity on the rules.
Gandham criticised the lack of regulation and called it “very confusing” for companies. He said that clarity about regulation will help “promote innovation and protect the consumer”. He called on the government to provide clear guidance, but acknowledged that research was underway.