IOTA is now added to eToro supported Cryptoassests

IOTA is now added to eToro supported Cryptoassests
PC: eToro logo

eToro has announced its support of IOTA to its global investment platform. This brings the total number of crypto assets available on eToro investment platform to twelve (12). The move allows investors seeking to diversify their crypto investments.

eToro enables people to invest in the financial instruments from crypto assets to stocks and commodities. eToro has a community of ten million registered users. Users share their strategies and other can follow the actions of the most successful investors. Crypto investors on eToro own the actual crypto assets with eToro acting as custodians of the coins.

Though IOTA is considered as one of the crypto assets, IOTA does not use blockchain but instead uses the blockless technology called 'Tangle'. IOTA crypto though its name does not stand for the Internet of Things, it is trying to become a backbone of the Internet of Things (IoT). IOTA's ledger allows settling transaction at zero fees. This will help devices to trade exact amounts of resources on-demand, as well as store data from sensors and data-loggers securely and verified on the ledger.

The eToro platform already supports Bitcoin, Ethereum, Bitcoin Cash, XRP, Litecoin, Ethereum Classic, Dash, Stellar, EOS, Cardano, and NEO. Now IOTA will be also supported allowing investors look to diversify their cryptocurrency portfolios, seeking new opportunities through altcoins, the announcement said.

According to the announcement, IOTA will also be added to eToro's Crypto CopyFund. The fund uses CFDs to enable investors to diversify across all available cryptocurrencies (weighted by market cap) with just one click.

Yoni Assia, Co-founder, and CEO at eToro, said: "At eToro we believe in diversification and we are committed to bringing more cryptoassets onto our platform for our users to invest in. Today, there are billions of devices that rely on the Internet of Things and this number is growing exponentially, with millions more new sensors added every week, as the planet becomes ever-more connected. IOTA aims to be the 'ledger of everything' by allowing data exchange between the sensor-equipped devices that populate IoT."

eToro is regulated in Europe by Cyprus Securities and Exchange Commission and regulated in the UK by the Financial Conduct Authority.

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Mandar Pise Opinions expressed by techsutram contributors are their own. More details

Mandar is a seasoned software professional for more than a decade. He is Cloud, AI, IoT, Blockchain and Fintech enthusiast. He writes to benefit others from his experiences. His overall goal is to help people learn about the Cloud, AI, IoT, Blockchain and Fintech and the effects they will have economically and socially in the future.

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