Especially in Germany, eToro is popular as a modern trading platform for cryptocurrencies, shares, and other investment opportunities. With the listing of Chainlink (LINK) and Uniswap (UNI), eToro expands its range of crypto offerings by two altcoins, each of which has established itself in its own way in the upper league of cryptocurrencies, it says in a press release. That means that 18 different cryptocurrencies are now easily tradable at eToro.
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Background on Chainlink (LINK)
Chainlink (LINK) has increased in price by more than 1,000 percent in the last twelve months, mainly due to the booming DeFi market. There, Chainlink has become indispensable as a data service that feeds current prices of cryptocurrencies in blockchain format into smart contracts. LINK is the means of payment for the services here, and Deutsche Telekom, among others, is also active in the technical implementation of the network and is very pleased with its involvement. The founders of Chainlink are already working on new uses for their offerings and expect the market for DeFi to continue to grow rapidly. Thus, many independent experts also see good opportunities for future share price gains for LINK.
Background on Uniswap (UNI)
Uniswap is the pioneer among decentralized crypto exchanges (DEX) and launched its own token, UNI, in September 2020. UNI first cracked the $10 mark in late January 2021 and has since worked its way up to levels around $30. Uniswap has announced a major upgrade to version 3 on May 5th. To be fair, eToro also mentions the competition to Uniswap, which has overtaken Uniswap in terms of turnover on individual trading days, especially in the form of PancakeSwap. Uniswap is so far locked into the Ethereum (ETH) DeFi ecosystem, while PancakeSwap is anchored in Binance Smart Chan with Binance Coin (BNB) as its native cryptocurrency.
eToro with big plans for 2021
eToro is expected to relist more cryptocurrencies this year, with competitors such as Binance or Coinbase featuring significantly more altcoins. But in its selection, eToro has so far largely avoided altcoins with low market capitalization, which protects customers from excessive risk to a certain extent.
Meanwhile, experts are also paying attention to eToro’s own exchange plans. In mid-March, eToro officially announced plans to go public. It is aiming for a valuation of at least $10 billion. Coinbase achieved a valuation of a good $80 billion at its stock market debut last week, but has not yet been able to sustainably confirm this. Nevertheless, the IPO of providers such as eToro or Coinbase seems to be a good investment opportunity to indirectly profit from the crypto market. eToro points to its fast-growing customer base, which has exceeded 20 million, and of course to its overall broader offering than Coinbase.
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First published in BLOCK-BUILDERS.DE, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
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