eToro Wallet now allows users to buy crypto with fiat in the app

11th March 2019 – eToroX, the digital asset subsidiary of global investment platform eToro, today announces that users of the eToro Wallet can now buy cryptoassets with fiat directly within the wallet app.

All cryptoassets available in the eToro Wallet (currently Bitcoin, Ethereum, Bitcoin Cash, Litecoin and XRP) can now be purchased directly in the wallet app using a credit or debit card (Visa, including Visa Electron and Visa Plus, Mastercard, Maestro and Cirrus). At present purchases can be made in euros or pounds sterling.

Doron Rosenblum, Managing Director of eToroX, says: “We are pleased to have provided our wallet users with a convenient way to buy crypto with fiat within our wallet app.  A key barrier to the mainstream adoption of cryptoassets is the user experience, and this new functionality enables people to purchase crypto straight from their card. This is exactly how users expect to transact online.”

Yoni Assia, Co-founder and CEO of eToro, adds: “Just as eToro has opened up traditional markets for investors, we want to do the same in a tokenized world and the creation of eToroX and the eToro wallet will help us do this. We believe that cryptoassets and the blockchain technology that underpins them will revolutionise global finance. In the future all assets will be tokenized and we are just taking the first steps on this journey. Removing obstacles when purchasing crypto will help drive mass adoption.”

eToroX has partnered with Simplex, a licenced financial institution, which combines payments processing with state of the art fraud prevention technology, as part of the process of enabling this new functionality.

The eToro Wallet is provided by eToroX.  eToroX was created in 2018 by eToro, the global multi-asset investment platform with over 10 million registered users. It is responsible for defining and executing eToro’s vision around blockchain and the development of cryptoassets.  It provides the evolving product range and infrastructure to support the growth of tokenized assets. Today, eToroX manages eToro’s wallet and will run the forthcoming exchange.

The eToro Wallet is a new product which is being rolled out on a phased basis both in terms of geographic reach and functionality.