eToro generates its revenue from stocks, CFDs, forex ETFs and precious metals. It made a decent amount of money from cryptocurrency targeting the U.S. market which it entered in May 2018.
Additionally, since the beginning of this year, eToro attracted five million new customers. It is allowing traders on its platform to replicate the trades of top traders using its CopyTrader technology. The strategy made its platform popular among millennials.
Since its founding, eToro raised $273 million funding from a number of investors including Bracket Capital, China Minsheng Financial Holdings, Chemi Peres, and Ping An Insurance.
The Israeli-British cryptocurrency trading and brokerage company did not release any official announcement regarding its IPO plan. In response to inquiries about the report, its spokesperson said., “EToro does not comment on market rumors.”
The news about eToro’s supposed IPO plan comes following an announcement from Coinbase that it is preparing for an IPO in 2021. The U.S.-based cryptocurrency exchange confidentially submitted its Form S-1 platform with the SEC.
