eToro, the trading and exchange platform, has ended 2020 with gross revenue of $600 million, with total trading volume surging 40% to $1.5 trillion.
It has been reported that eToro is coming off a stellar year of growth, as novice traders seek new pathways into the financial markets, including cryptocurrency.
Yoni Assia, the CEO of eToro, said:
“The last few years have seen a rapid growth in eToro’s headcount reflecting both our global expansion and the growth of our product offering and client base.”
However, eToro has operated a successful social trading platform for a number of years by allowing novice traders to access Forex, commodity, and equity markets. In 2019, the platform expanded into digital assets by launching a crypto exchange and eight branded stablecoins.
Online broker eToro is coming off a stellar 2020, thanks in part to its booming crypto business. https://t.co/StcWrlFe9b — Cointelegraph (@Cointelegraph) January 26, 2021
The report said that the introduction of digital asset services is partly responsible for eToro’s rapid growth over the past year.
Earlier this month, the exchange warned users that crypto trading may become limited because of “unprecedented demand.”
As per the sources, the warning came on the heels of Bitcoin (BTC) smashing new all-time highs near $42,000 and the broader cryptocurrency market hitting a $1 trillion valuation for the first time.
Thus, Assia said that 2020 was a “big year for stocks,” but that 2021 has so far been “dominated by crypto headlines,” as he claims crypto trading volumes at his firm are up more than 25 times compared with the same period last year.