eToro makes more cryptoassets available to trade on its platform
Online broker eToro has further expanded its cryptoasset offering via the addition of Bancor, Ox, DYDX and ANKR.
- Bancor
Bancor was the first automated market maker on the Ethereum blockchain and the Bancor v2.1 protocol introduces a number of advantages to the field, including insurance against impermanent losses commonly suffered by liquidity providers in traditional AMMs such as Uniswap. Investors place BNT into different pools and earn revenue based on a percentage of the transaction fees paid by other investors.
- 0x
The 0x exchange was among the first decentralized exchanges on the Ethereum blockchain, but has now iterated into liquidity aggregation across automated market makers and other smart contracts facilitating the exchange of tokens on the Ethereum blockchain and the Polygon sidechain. The ZRX token facilitates voting and decision-making processes in the 0x community.
- DYDX
dYdX is a decentralized trading platform built on the Ethereum network. The platform is powered by the DYDX token, which offers holders fee discounts, and the ability to stake to earn rewards and participate in governance.
- ANKR
The Ankr platform enables investors to stake their assets while obtaining liquidity through integrations with DeFi applications. ANKR investors can participate in powering and voting on applications utilizing the ANKR software system.
The launch of BNT, ZRX, ANKR, and DYDX, brings the total number of cryptoassets available on eToro to 48. The broker regularly expands its cryptocurrency offering. In December, for instance, it added Sandbox (SAND).
Traders now have access to BNT, ZRX, ANKR, and DYDX alongside BTC, ETH, BCH, LTC, XRP, DASH, ETC, ADA, XLM, EOS, NEO, TRON, ZEC, BNB, XTZ, LINK, UNI, COMP, AAVE, YFI, MANA, ALGO, MATIC, BAT, MKR, ENJ, FIL, DOT, SOL, ATOM, GRT, CRV, 1INCH, SUSHI, $CHZ, QNT, AXS, CELO, FET, SNX, SAND, REN, and MIOTA.
eToro’s 2021 cryptoasset leaderboard shows that Bitcoin saw a 223% increase in the number of opened positions on the platform year on year. Bitcoin is the most opened cryptoasset by eToro users, followed by Cardano, Ether and Dogecoin.
The broker notes that, for now, the new crypto assets are not being launched in the US. Cryptoasset investing is unregulated in some EU countries and the UK, hence investments in these assets are not protected. eToro warns that investor capital is at risk.