London-based investment platform eToro has announced that it has added IOTA to its growing list of cryptocurrencies available for trading.
According to the company, IOTA has made the ranks as the latest addition in order to offer eToro customers diversity in their cryptocurrency portfolio. The altcoin will be available for trading on the platform alongside Bitcoin, Ethereum, Bitcoin Cash, XRP, Litecoin, Ethereum Classic, Dash, Stellar, EOS, Cardano, and NEO.
— eToro (@eToro) August 20, 2018
In addition to listing IOTA, eToro will be adding the cryptocurrency to the company’s Crypto CopyFund, a feature which uses “contracts for difference” (CFDs) in order to allow users to branch out across all available cryptocurrencies (which are weighted by their individual market caps).
In a press release, eToro explained that IOTA has “multiple uses as an Internet of Things (IoT) platform” and owing to this, “quite a bit of attention from the blockchain and cryptocurrency communities, IOTA presents an alluring trading and investing opportunity to some.”
The IOTA foundation developed the platform in order to offer a network which has no fees and is able to address issues that face Bitcoin, such as scalability and risk of attacks. As an open-source distributed ledger, the asset has a focus on offering security in communications and safety in payments between machines on IoT devices.
In light of the new listing, eToro co-founder and CEO Yoni Assia stated:
“At eToro we believe in diversification and we are committed to bringing more cryptoassets onto our platform for our users to invest in. Today, there are billions of devices that rely on the Internet of Things and this number is growing exponentially, with millions more new sensors added every week, as the planet becomes ever-more connected. IOTA aims to be the ‘ledger of everything’ by allowing data exchange between the sensor-equipped devices that populate IoT.”