eToro, one of the leading multi asset brokerage company trading with Crypto-assets is now targeting Southeast Asia especially Hong Kong.
According to SCMP, Yoni Assia, Chief executive of eToro said that this year they will gain 30% of the total revenue from Asia, as last year they received up to 15%. This is all due to the growth in the cryptocurrency trading market in Thailand, Malaysia,Vietnam and Philippines.
Assia added that,
“In Asia’s competitive landscape, we don’t see a lot of sophisticated tech platforms that enable people to trade the global markets”
The people of Asia are very much interested to trade with global markets and this could be the opportunity for eToro to provide them the platform. The brokerage company is very popular in the European counties. We had seen last time eToro is opening up cryptocurrency trading desk in London.
The firm has also been backed by many leading Chinese fin-tech groups like China Minsheng Financial.
eToro’s social trading platform will be helpful for investors in Southeast Asia to get to know the top traders. This platform will be able to filer top traders, build up portfolios crypto-assets and commodities.
To begin, eToro will provide cryptocurrency trading for Asia’s retail investors using spot trading and contracts for difference (CFD). And during this year the company is also planning to launch a cryptocurrency exchange called eToro X.
Assia said that company together with China Minsheng Financial is looking forward to entering Hong Kong but they are exploring its regulatory framework. Because to trade cryptocurrency in Hong Kong they need to have the license from the Securities and Futures Commission.
What do you think of eToro targeting crypto markets Asia? Let us know in the comments below.
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