eToro to buy investment app Gatsby

Israel-based online trading platform eToro has set to buy US-based rival Gatsby to further consolidate itself in the trading app space

Israel-based online trading platform eToro has set to buy US-based rival Gatsby to further consolidate itself in the trading app space. The deal, which is around USD 50 million of stock and cash, has been fully approved by the US Financial Industry Regulatory Authority (Finra), after first being filed for approval in December 2021.

The US-based Gatsby, founded in 2020, offers a commission-free trading app that competes with eToro, as well as Robinhood and Freetrade in the UK. eToro said the purchase will enable it to offer a wider variety of products to its US consumers. Previous eToro updates Recently, the Israeli company has already been expanding the variety of investment opportunities it offers to consumers.

In September 2021, eToro rolled out a new DeFi portfolio, offering customers the chance to invest in the world of decentralised finance, offering tokens such as Ether (ETH), Uniswap (UNI), and Chainlink (LINK). Earlier in 2022, the trading app announced the launch of eToro. art to support creators, agencies, and companies in the Non-Fungible Token field.

The company has decided to invest USD 10 million in promising projects, acting as a strategic partner to support the launch on the market during 2022. Projects that partner with eToro will receive support services that will help them bring their NFT project from concept to market. Growth of global crypto trading platforms According to a Bloomberg research The global crypto trading platforms market growth may be attributed to the rising digitisation and use of smartphones across the globe.

Cryptocurrencies have been in existence for a long time, however, there was a lack of awareness amongst the general population. With the growth of information technology (IT) and multiple advancements in digital space, there is a rising trend of information flow related to advanced systems present around us. This is propelled by the help of smart technologies like smartphones, laptops, and mobile applications to name a few.

Up until a few years ago, smartphones were not easily accessible due to high pricing and a lower number of smartphone producers. As of current times, the number of manufacturers providing smartphones that are technologically advanced has considerably increased. People in all areas now have access to affordable mobile technology.

In India, more than 750 million of the population were estimated to be using smartphones as of 2020. Since the accessibility to technology like crypto applications, and other platforms that have aided the transfer of knowledge, has increased, the global market may grow owing to this change. Who leads the way? As per the above mentioned research, the global crypto trading platforms market was led by North America in the last few years and is expected to follow the same trend during the forecast period owing to the presence of many key players in the USA.

Kraken, Coinbase, etc. the leading organisations are located in this region which is expected to aid regional growth. In the first quarter of 2021, Coinbase announced that it had more than 56 million active users and generated a trading value of USD 335 billion.

The abundant awareness among the population about digital currency and its trading platforms is another contributing factor to the growth in regional market share. Europe is expected to be led by Germany in terms of a higher adoption rate of cryptocurrency. Some of the key factors for regional growth are quicker transactions, safer, and minimal ownership costs provided by the digital money platform to the end-user.

In Gemini's 2022 report on the Global State of Crypto, around 53% of Germans accepted that they were crypto-curious and 43% of high-income groups accepted having crypto-based assets. .

Aug 18, 2022 13:29
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