eToro, which is a popular social trading network, will launch crypto wallet in the upcoming month prior to the exchange launch set in the 4th quarter of 2018.
eToro thinks the U.S is a Wonderful market
Iqbal Gandham, who is the managing director of eToro said that eToro is growing quickly in the U.S and have begun regulatory processes in order to establish licenses.
In the recent interview with NewsBTC, Iqbal Gandham declared about the most awaited release of the eToro cryptocurrency exchange and also its wallet. eToro is popularly known as a social trading and asset managing brokerage firm, however, the release of crypto exchange will absolutely amaze and challenge its rivals.
He also declared that they will be releasing their crypto wallet in August prior to the launch of the crypto exchange which will be released in Q4 2018. Further said that the foundation of the crypto exchange will be dependent as per the decisions of Gibraltar.
“We are launching our crypto exchange and wallet soon. We’re looking at the exchange coming out within the next quarter, we’re looking at Q4. I feel the wallet release date will probably be towards the end of July, if not early August. The exchange will follow certain regulatory priorities which will happen in Gibraltar. It may get accelerated if Bitcoin’s price goes up to $20,000.”
Manager Director also considers that regulations are essential for crypto business as it helps customers to stay away from fake projects. Also, regulations will help Strong businesses to grow exponentially.
He also quoted that the U.S is a ‘phenomenal market for crypto assets' and they have got a great response from family businesses as they are interested to diversify their portfolio.
eToro also declared that they are building up an over the counter (OTC) trading desk in London in order to get new clients who want to expand their portfolio. He stated that this will be completed by the end of the year.
“We’re putting together the internal processes. I feel if we dot the i’s and cross the t’s, we’re looking at Q4 to launch the OTC desk here in the UK. Some of our customers have said we want to do OTC trading. It will be an interesting part of the jigsaw puzzle that eToro is putting together.”
UK is unclear about crypto regulations
Gandham, who holds the position of chairman at CryptoUK, a self-regulatory body build by popular crypto-exchanges to form proper regulation. He will also be delivering at the Crypto assets tasks in two weeks. He also stated that the reports provided by the task force and the UK Treasury Select Committee will be helpful to make UK regulations. By this, we will definitely have clear crypto regulations till the end of this year.
As per him, there are no regulations in the UK. It is fully transparent now, but you don't have any idea when regulations will come into existence. From the customer's point of view, it is very difficult to select the best exchange. If proper regulations are made, crypto will be widely accepted and it will also decrease the risk.
Due to this, various users in China are using platforms like “Localbitcoin”, which according to him are good but risky. Lastly, by preventing the selling of cryptocurrencies, they have increased the user risk.
He lastly said that the lack of regulation was “very confusing” for businesses. If we have appropriate regulations of crypto will be useful for new inventions and to defend the customer. He also asked the government to give appropriate regulations and came to know that research is going on.
