According to the financial report of the eToro platform, in the second quarter of 2021, the company received $ 264 million in commissions for transactions with cryptocurrencies. This is 23 times higher than the figures for the second quarter of 2020.
The report notes that it was commissions from transactions with cryptocurrencies that brought the lion’s share of revenue to the investment platform – 73%. At the same time, in the second quarter of last year, such commissions accounted for only 7% of the total. In total, during the reporting period, eToro received $ 362 million in commissions on transactions, compared with $ 161 million in the second quarter of 2020.
Interestingly, eToro users are not very fond of trading bitcoin – the share of transactions with BTC is only 7%. This is half as much as trading with ETH, ADA or XRP. Even with the “cryptocurrency-meme” Dogecoin, users make transactions noticeably more often than with Bitcoin, although DOGE appeared on the platform only in May.
“The growth in self-investing, and by extension, the eToro platform, is driven by long-term, age-old trends in investor behavior,” said eToro CEO and co-founder Yoni Assia.
In his opinion, three things are important for the success of an investment platform: a user-friendly interface and a pleasant user experience, tools for teaching investment, and support for cryptocurrencies. Earlier, Eisha expressed the opinion that the first cryptocurrency will remain the market leader for a very long time.
In the II quarter of 2021, 127 million transactions were made on the platform. For the same period last year, the figure was 74 million transactions. However, despite the revenue growth, eToro suffered a loss of $ 89 million. This is due to the entry into the stock exchange with the help of a specialized company for targeted mergers and acquisitions (SPAC) and related costs.
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