Published: 07.04.2022
Article reading time:
2 minutes.
Israeli trading and brokerage company eToro has announced the launch of a fund to support digital artists.
eToro financial platform announced, which has allocated $20 million to create a new eToro.art initiative to support future projects and creators of non-fungible tokens, as well as to purchase several digital works of art. According to a statement released by the company, the company has already acquired some instances of well-known NFTs such as Crypto Punks, Bored Ape (BAYC), World of Women, and Doodles. This was reported by the publication Decrypt.
The company will invest half of the allocated $20 million in support of new NFT creators. The company says any artist can apply for funding and advice. eToro says the platform will offer its support to any emerging artist, whether it’s an entire NFT project, a standalone work, or a video game that uses collectible tokens as in-game assets.
Guy Hirsch, managing director of the company, said the company is testing the waters in NFT and Web3 to enable customers to join a new fast-growing industry. Now about 27 million people use eToro services. In developing the new initiative, Hirsch said, the company will select the most useful and potentially successful projects.
Although most of the acquired projects are based on the Ethereum network, Hirsch said that in the future they want to make a multi-chain platform and are now exploring projects based on Avalanche and Solana.
Recall that in November last year, the company announced that it was closing ADA and TRX trading for its US clients due to regulatory restrictions.
Source: Bits
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