Crypto broker eToro confirms it is rolling out a wallet

Custody • November 6, 2018, 1:20PM EST

Published 1 hour earlier on

UPDATED: November 6, 2018, 2:55PM EST

eToro, the European cryptocurrency broker, announced Tuesday the launch of its wallet, a move that allows a few of its 10 million users to transfers coins off its platform.

Previously, customers of the firm could only buy and sell crypto but couldn't move those coins to their own wallets. That's a similar setup to Robinhood Crypto in the U.S., although the firm has also been looking into building its own wallet.

To be sure, the ability to send coins from the eToro platform to its wallet is only available to start for bitcoin and for a select number of customers. Per the release, "the ability to transfer crypto from eToro to the wallet will be available to Platinum Club*** members for Bitcoin." The firm defines Platinum Club members as those traders with at least $25,000 on the platform, the release said. It's not clear how many users fall under that umbrella. A media representative of the firm said: "eToro can't disclose numbers regarding the number of people at the platinum level."

The firm plans to expand the offering over time to more users and coins.

"The eToro wallet today is just the beginning and we will be adding a whole host of additional functionality which will include supporting additional crypto and fiat tokens, crypto to crypto conversion, the ability to deposit fiat, payment in store and more," Yoni Assia, CEO of eToro, said.

Reporting by Frank Chaparro in New York. This post has been updated for clarity and to include an update from eToro.

About Author

Frank Chaparro is Host of The Scoop podcast and Director of Special Projects. He also writes a biweekly newsletter. Chaparro started his career at Business Insider, where he specialized in the intersection of digital assets and Wall Street, market structure, and financial technology. Soon after joining Business Insider out of Fordham University, Chaparro was interviewing top finance and tech executives, including billionaire Mark Cuban, “Flash Boys” star Brad Katsuyama, Cboe Global Markets CEO Ed Tilly, and New York Stock Exchange President Tom Farley. In 2018, he become a sought after reporter in the crypto world, interviewing luminaries such as Tyler Winklevoss, the cofounder of Gemini, Jeremy Allaire, the CEO of Circle, and Fundstrat head Tom Lee. For inquiries or tips, email [email protected].