eToro becomes first investment platform to offer Binance Coin

eToro, the global, multi-asset, investment platform with over ten million registered users, has today added the Binance Coin (BNB) to its product range. This brings the total number of cryptoassets available on eToro to thirteen. eToro is the first platform to offer BNB to investors and traders to buy or sell using fiat.

BNB is a token issued by Binance, which is one of the world’s largest crypto exchanges. Following an ICO in 2017, Binance issued BNB which is an ERC-20 token on the Ethereum blockchain. BNB is ‘the gas that powers the Binance ecosystem’ which means that it can be used to pay trading fees at a discount and with partner applications. Binance plans to develop a decentralised exchange (Binance Chain) which will use BNB to power it. BNB was established with a total supply of 200 million tokens and Binance repurchases and ‘burns’ tokens each quarter. This will continue until 50 percent of the total supply is burnt.

As investors increasingly seek to diversify their crypto holdings, BNB joins Bitcoin, Ethereum, Bitcoin Cash, XRP, Litecoin, Ethereum Classic, Dash, Stellar, NEO, EOS, Cardano and IOTA on the eToro platform.

BNB will also be added to eToro’s CryptoPortfolio, which enables investors to diversify across all available cryptocurrencies (weighted by market cap) with just one click.

Like all other cryptoassets, investors choosing BNB on eToro own the real underlying asset, with eToro acting as custodian.

Yoni Assia, Co-founder and CEO at eToro commented: “Despite sensational headlines about the death of crypto, we continue to believe in the potential for crypto assets, as do our clients who are increasingly looking to diversify their crypto holdings. In response we will continue to add the leading crypto assets to our range and we are pleased to add BNB to the platform.

“As a regulated securities broker we have the ability to offer both utility and security tokens on our platform. We support the movement of assets onto the blockchain and the tokenisation of securities. In fact, we believe that in the future we will see the greatest transfer of wealth ever, onto the blockchain.”

Changpeng Zhao, Founder and CEO of Binance, said: “We are honoured and excited to be listed on eToro. With this addition, the Binance coin can reach millions more people, many of whom are more accustomed to the traditional financial industry.  As an utility token, we believe in creating long term utility and value. We will continue to do so together with eToro.”

About eToro:

eToro empowers people to invest on their own terms. The platform enables people to invest in the assets they want, from stocks and commodities to cryptoassets. eToro is a global community of more than ten million registered users who share their investment strategies; and anyone can follow the approaches of those who have been the most successful. Due to the simplicity of the platform users can easily buy, hold and sell assets, monitor their portfolio in real time, and transact whenever they want.

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

eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFD assets.

Please note that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 65% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

Cryptoassets can fluctuate widely in price and are, therefore, not appropriate for all investors. Trading cryptoassets is not supervised by any EU regulatory framework.

Past performance is not an indication of future results.

About Guy Hirsch

Guy Hirsch is the USA Managing Director of eToro, the world’s largest social investment network. Guy leads eToro’s expansion into the United States with a focus on U.S. cryptocurrency and blockchain strategy.

Prior to joining eToro, Guy served as Director of Innovation Strategy at Samsung SDS, the enterprise IT solution subsidiary of Samsung group, where he oversaw architecting, development, piloting and learning of experimental AI and IoT solutions and evangelized digital transformation projects at the C-Suite level. Guy also previously led Samsung Electronics America’s retail innovation team, where he spearheaded Samsung’s efforts as the leader in consumer electronics retailing. Guy has an LL.B and a BA in Business from the IDC Herzliya in Israel.