The European crypto broker eToro has announced this Tuesday, November 6, that it will launch a new wallet service soon that will allow for 10 million to transfer their tokens off the platform and into the wallet.
This will be an important new addition to the company and will be downloadable via Google Play or the Apple’s App Store. The wallet will be multi-signature and the company that will launch the wallet will be registered in Gibraltar as eToro X.
While this new wallet has been in the works for quite some time now, only now it was revealed, as the company waited for the right moment and received an approval from the Gibraltar Financial Services Commission to create products based on the Distributed Ledger Technology (DLT), also known as the blockchain, in the country.
The main change that this will bring to the table is that, before the wallet, users were able to buy and sell cryptocurrencies but never to actually hold it. Now, they will have more control over their own money.
The New eToro Crypto Wallet
The company has already outlined that the new wallet will provide crypto to crypto conversion and that the customers will be able to deposit fiat money using the wallet. Also, its multi-signature security will give users the possibility to see their transactions without needing to risk losing their private keys.
eToro’s CEO, Yoni Assia, has affirmed that the company is a firm believer that crypto and the blockchain technology is the future and they will continue to work on several new products for the clients. According to him, the blockchain technology has the potential to revolutionize finances and to transfer wealth, the future, he affirms, is tokenized and crypto is just the first step.
Initially, the wallet will store Bitcoin, (BTC), Bitcoin Cash (BCH), Ethereum (ETH) and Litecoin (LTC). It will also receive support for many different countries over time, as well as new assets that will be listed on the wallet.
Only members from the eToro Platinum Club will initially be granted with the ability of using this wallet and it is not yet 100% clear how many users will be able to do it.