- UK-based financial company eToro has secured a license from the Central Bank of Spain to offer virtual assets, fiat money, and other custodial services.
- eToro’s acquisition of this license is a testament to their commitment to consumer protection, fostering innovation, and facilitating individual investor access to financial instruments.
- This development comes as part of eToro’s aggressive growth strategy, which included the acquisition of options exchange Gatsby for $50 million, bolstering its presence in the US market.
In a significant development, eToro, a financial firm based in the UK, has obtained authorization from the Central Bank of Spain to provide services related to virtual assets, fiat currency, and other custodial services.
eToro’s Commitment to Consumer Protection and Innovation
Following the announcement, eToro emphasized that this license acquisition is a reflection of their dedication to prioritizing consumer protection, fostering innovation, and ensuring individual investors have access to financial instruments. As a long-standing supporter of cryptocurrency and blockchain technology, the company expressed pride in obtaining this license from the Central Bank of Spain.
eToro’s Aggressive Growth Strategy
It’s worth noting that eToro has been pursuing a robust growth strategy for some time now. This strategy included the acquisition of options exchange Gatsby in a deal worth $50 million, which significantly strengthened eToro’s foothold in the US market. Gatsby also offers commission-free stock buying and selling capabilities.
Recent Developments at eToro
In addition to this, eToro made headlines in June when it had to remove MANA, MATIC, ALGO, and DASH from its platform due to lawsuits filed by the SEC in the US.
Conclusion
In conclusion, eToro’s latest license acquisition from the Central Bank of Spain marks a significant milestone in the company’s ongoing growth strategy. It not only validates their commitment to consumer protection and innovation but also paves the way for the company to expand its services and reach in the financial market.
