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- Initially, Dogecoin did not seem like a sensible option for investment purposes to eToro, but the community’s enthusiasm convinced it otherwise
- eToro’s decision to offer Dogecoin made headlines, lifting the token’s price by 50% to an all-time high
- CEO Assia said the concern about risk management drove the firm to educate their customers on crypto conducts
The Israeli social trading and multi-asset brokerage company eToro, finally disclosed what drove them to add Dogecoin (DOGE) to its investment platform when they had been reluctant for so long. Also, a glimpse into CEO Assia’s future plans and potential inclusion for DOGE-copy, Shiba Inu coin (SHIB).
eToro’s Altered Dogecoin Stance, & Shiba Inu Coin
Attending an interview with Insider, Yoni Assia, CEO and co-founder of eToro, revealed that initially, the meme currency Dogecoin invented as a joke did not seem “sensible for investment purposes.” But ultimately, the doge community’s enthusiasm managed to convince them otherwise. Assia views the Dogecoin fanbase as “one of the largest, loudest, and funniest communities” in the crypto space, a major plus for the asset.
Not to forget, the one “unique” community member worth $180 billion, the Tesla boss Elon Musk, who had been one of the strongest driving forces behind the crypto boom. His tweet alone can send assets soaring or plunging. Assia said, Musk’s involvement “really changes the dynamics,” and combinedly, it affirmed that “the coin had a future and was worth adding.”
As for the Shiba Inu coin, the CEO refrained from commenting on eToro’s “future listings” but was generous enough to acknowledge the seemingly “passionate community” around the dogecoin copycat.
eToro: A Key Crypto Supporter
Founded in 2007, eToro, the world’s leading social trading and investment marketplace that allows users to trade currencies, commodities, indices, and stocks, recently added a spate of cryptocurrencies to its platform. Predominantly focused on Europe, the trading app has users in more than 100 different countries. The global financial services provider is known as a key crypto supporter among amateur traders and crypto fans. Early May, Dogecoin’s inclusion in eToro’s crypto offerings made headlines, lifting the token’s price by 50% to an all-time high.
Essential Risk Management When Dealing Crypto
However, analysts and regulators have constantly been warning against Dogecoin. Not to forget, apps like Robinhood have also suffered huge losses owing to it. To this, Assia said, their concern about “risk management” is why they “educate” their customers. Recently, when bitcoin and other cryptocurrencies started crashing, eToro educated its customers about “diversification – the first and most important element of risk and portfolio management.”
eToro’s Achievements & Plans
So far, eToro has harvested massive benefits from the pandemic-induced retail trading boom; in 2020, its revenue grew 147% to $605 million. This year, it plans to go public through a $10.4 billion merger with the special purpose acquisition company (SPAC), FinTech Acquisition Corp. V. Currently, it offers cryptocurrencies in the U.S. and plans to launch stock trading sometime this year.
Assia believes, “the opportunity is very big.” If 2020 marks “the rise of the millennial investors,” the stats are expected to “accelerate so much” in 2021.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
