eToro expands its crypto offerings in Australia with 15 extra assets, plus staking
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Global multi-asset investment platform eToro has good news for its Australian crypto investors, adding 15 more assets to buy, trade and HODL, as well as soon introducing staking functionality for passive yield generation.
With the new additions, eToro, which has offices in the UK, US, Cyprus and Australia (Sydney) and more than 23 million users globally, can now offer 36 different cryptocurrencies to Australians.
The new tokens include: Solana (SOL), Polkadot (DOT), Cosmos (ATOM), The Graph (GRT), Curve (CRV), 1inch (1INCH), Maker (MKR), Enjin (ENJ), Shiba Inu (SHIB), Dogecoin (DOGE), Filecoin (FIL), Aave (AAVE), Compound (COMP), yearn.finance (YFI) and Decentraland (MANA).
The growing number of dog-meme supporters will be pleased with at least a couple of the new additions…
Dogecoin is now listed on @eToro, let's get $shib listed next. #shiba #SHIBARMY #shibainu #cryptocurrency #CryptoNews #cryptotwitter #etoro #follo4follo #RETWEEET #ToTheMoon pic.twitter.com/8RY7OAZdIb
— Chad Armel (@ChadArmel) October 23, 2021
According to an announcement, eToro’s Australian users opening crypto asset positions “can now purchase the underlying asset”. And, from November 1, they’ll also be able to earn monthly staking rewards on their Cardano (ADA) and TRON (TRX) investments, through eToro’s new staking service.
eToro’s Australian Managing Director Robert Francis said: “eToro has been a pioneer in the crypto markets and we are excited to observe more Australians dipping their toes into this emerging asset class.
“The crypto ecosystem is expanding with the emergence of new altcoins and as a result we are seeing Australian investors looking at crypto beyond a store of value, instead using it as a way to diversify their portfolios beyond traditional assets like stocks, in order to hedge against risks such as inflation.”
eToro’s new crypto additions have some notably solid recent gainers. The layer 1 smart-contract platform Solana, for instance, hit an all-time high yesterday, reaching US$219. Cosmos, too has been gaining some traction of late, up more than 20 per cent over the past 14 days.
Meanwhile another high-profile layer 1, Polkadot, is building buzz ahead of its parachain crowdloan event on November 11, which many believe could be a major price catalyst for the DOT token heading into the last couple of months of the year.
DeFi DAO favourite Curve is another on a bit of a tear this week, too, having busted above its previous yearly high set back in April. It’s up 17 per cent in the past 24 hours and more than 75 per cent across the past week.
With more than 89 per cent of its supply now locked up in DeFi protocols, CRV tokens have clearly been in high demand for the protocol’s high-yield-enabling utility, much like yearn.finance (YFI).
Locking my $CVX for 60+% ARP and staking all my $CRV for 65% APR has created an insane stream of passive income for me for the foreseeable future. If you hold either of these and are unsure of how to capitalize on this, you can watch my tutorial below: https://t.co/tJgHtcoAWj
— CrediBULL Crypto (@CredibleCrypto) October 25, 2021
In terms of gainers in eToro’s newly added crop of coins, however, nothing quite beats the remarkable rise of Shiba Inu, recently dismissed by Michael “Big Short” Burry as “pointless“.
The SHIB token recently surged to no.11 on the market cap lists, and has clocked a 544 per cent gain over the past month, not to mention being up a staggering 55,366,343.7 per cent over the period of one year.
Don’t even torture yourself trying to work out the sort of money you might’ve made if you’d thrown some spare change at it 12 months ago and HODLed.
Can SHIB really keep rocketing from here, though, with a market cap now above 23.5 billion? That’s the question those speculating on this one probably need to ask themselves.
Don't know who needs to hear this but $shib isn't going to a dollar, ten cents, or even 1 cent. 🐶
— Lark Davis (@TheCryptoLark) October 26, 2021
Oh, and just a timely reminder to finish on here, from eToro’s Australian MD Robert Francis again…
“As we continue to strengthen our crypto offering Down Under, we urge investors to keep in mind that crypto is a highly volatile asset class. Investors should remember the basic tenets of investing: diversify, understand what you are investing in and never invest more than you can afford to lose.”