10 million users worldwide — a respectable figure, especially for a developing industry of cryptocurrency. Trading platform eToro known to almost every cryptomnesia and regularly mentioned in the media. EToro CEO Yoni Assia in an exclusive interview with Bitcoinist told how his company will help in the global adoption process of digital assets.
What prevents crypt
You recently announced a significant decrease in spreads on the trading pairs. Why did you decide to do so? The cause of user complaints or just make trading more accessible?
We reduce spreads to support the mass adoption of the crypts. We want to make the process of buying and selling digital assets as easy as possible. Our customers will also be able to get more profit from their trading transactions.
In your opinion, what other obstacles stand in the way of mass adoption of cryptocurrency?
At the moment, the level of understanding of the concept of digital assets is one of the main deterrents for investors. At eToro we are trying to overcome this barrier, creating a solid community of traders and investors, where everyone can find useful trading strategy. Therefore, beginners can go on the trail of those who have been most successful in his field. We also develop educational materials and a virtual portfolio.
Another barrier is the fact that the crypt is still a very young asset class. Other problems (scalability, speed, and volatility) will be solved with time.
How’s the popularity
Your platform about 10 million users. Since the beginning of the bear market, the influx of customers has decreased or rather increased?
New people join eToro every day. Some come for the crypt, others prefer the traditional assets that are supported by our service CopyPortfolios. It is noteworthy that those who wanted to invest in crypto currencies, often also diversifitsiruetsya in stocks and bonds.
Judging by the current pace, can you say how many new investors will join your platform in the coming years?
I can’t give you an exact number, but we do expect the growth in customer base over the next few years. eToro continues to expand its influence around the world. For example, very soon we will be available in the US.
What is the most popular cryptocurrency on eToro? Do you think in the future it will be replaced by another coin?
Our most popular scriptaction is Ripple. I don’t have a ball predictions, so I can’t see the future. Our customers often diversifitsiruetsya, so the popularity of other coins is also growing.
Whether it is necessary to diversify if Bitcoin is not has fallen so much compared to Althingi?
To distribute your capital is necessary not only when investing in crypto currencies, but when buying traditional assets. The only way to “stay in the saddle” regardless of the situation on the market.
That will help mass adoption of Bitcoin
eToro has entered into several major partnerships with well-known sports teams and athletes to promote cryptocurrency. Paid off these efforts? What other initiatives in this area, you want to make a reality?
Recently, we sponsored seven clubs of the Premier League football in the UK. We have also invested in the German football team Eintracht Frankfurt and signed a contract with the French tennis player Gael Monfils. This work will help to raise the popularity of cryptocurrencies, we will continue to move in this direction.
Why do you believe that the regulation of the stock market will accelerate the mass adoption of digital assets? For example, some restrictions (issuance of Regulations in new York city) have forced companies to leave the industry. You welcome alternative control method or still lean toward more traditional methods that are now used in the global financial system?
Adjustable healthy ecosystem — a key to the protection of customers and innovation in Finance. I believe that financial regulators will be able to attract more institutional investors, and those already will be a key factor in the mass adoption of Bitcoin worldwide.
In the UK eToro has initiated the founding of the CryptoUK, the first self-regulatory trade Association within cryptosphere of the country. This organization promotes high standards in terms of communication of politicians and regulators with the stock market.
Why do you think that crypt can offer new opportunities to traditional financial sector? Unless Bitcoin was not designed to completely change the usual order of things in Finance?
The world financial system is unlikely to disappear in one day. In addition, many companies in this area begin to explore the possibilities of Bitcoin and the blockchain. We believe that cryptocurrencies will make a big impact on the economy in the future. The blockchain has huge potential for a real revolution, because this technology will help to transform all of the assets in the tokens. Moreover, in the near future will be the greatest transfer of wealth in world history.
You personally belong to the camp of “the blockchain, but not Bitcoin”?
These are two separate things and focus on one of them doesn’t necessarily mean that I am against the second. What is the easiest way to explain the importance of the blockchain and crypts? Compare them with the Internet.
The relationship between Baccano and Bitcoin is very similar to the relationship between the Internet and e-mail. Email — just a form of manifestation of the Internet, and Bitcoin is just a form of manifestation of the blockchain. I don’t know if Bitcoin is the dominant cryptocurrency in the next 10 years. But I am sure that the blockchain will be able to greatly change the financial system just as the Internet has changed communication between people.
How do you feel about Bitcoin maximalists? Will there still be only Bitcoin or the stock market will be plenty of room for other projects?
Kriptonyte still in a stage of rapid development, but the majority of startups still don’t have examples of real applications in the world. In the future definitely will exist several major cryptocurrencies, but it is difficult to say exactly which projects will be awarded the palm of victory.
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