eToro has taken steps to expand its cryptocurrency offerings by adding 12 new altcoins for U.S. traders, including Dogecoin and XRP.
New Altcoins on the Platform
Recently, eToro introduced 12 new cryptocurrencies for U.S. users, including Dogecoin, XRP, Cardano, and Shiba Inu. Previously, the platform offered only Bitcoin, Ethereum, and Bitcoin Cash.
eToro's Growth Strategy in the U.S.
The expansion of altcoin offerings comes right after eToro's debut on Nasdaq, becoming the first U.S. cryptocurrency firm to go public. This is part of the company's strategy to strengthen its position in the market, competing with major giants like Coinbase and Robinhood. Andrew McCormick, Head of eToro US, stated that the firm aims to make digital assets accessible to users.
Success of eToro's IPO and Its Impact
eToro's IPO was successful, raising approximately $310 million, reflecting strong investor interest in platforms that offer both stocks and cryptocurrencies. Despite a slight dip in stock price to $64.15, it remains above the initial price of $52. In September 2024, the firm reached a settlement with the SEC over claims it was operating as an unregistered broker, which gave eToro the flexibility to reintroduce tokens to its platform.
By strengthening its position in the U.S. cryptocurrency market, eToro shows an active commitment to expansion and user engagement after a successful IPO.
