CEO Yoni Assia says he’s bullish on crypto and expects to see it back to all time highs this year even as crypto derivatives trading on eToro dropped by 32% and revenue by 40%.
CEO Yoni Assia says he’s bullish on crypto and expects to see it back to all-time highs this year even as crypto derivatives trading on eToro dropped.
EToro’s first-quarter revenue from crypto assets fell 38% from a year earlier to $2.15 billion, while net trading income from crypto derivatives dropped 57% to $33.4 million. The downturn in digital asset activity continued into April, with the number of crypto trades sliding 32% year over year and the average invested amount per trade off by 22%.
CEO Yoni Assia said he expects crypto prices to rebound, activating eToro's BitLicense to begin trading in New York and buying self-custodial wallet provider Zengo. EToro doubled down on its commitment to crypto even as digital asset activity weakened in the first quarter and into April.released Tuesday. Net trading income from crypto derivatives fell 57% to $33.4 million while overall net income rose 37% to $82.4 million.
The trading platform said the crypto activity decline extended into April, with the total number of crypto trades falling 32% year-over-year and the invested amount per trade dropping 22%. Despite the downturn, CEO Yoni Assia expressed a bullish outlook.
"We do expect later this year to start seeing crypto rising back to, you know, near all-time-highs and that will drive crypto engagement," Assia, adding that the platform’s data suggests that when the markets fall, “retail investors on eToro actually buy the dip. ” "The acquisition of Zengo, a leading self-custodial crypto wallet provider, meaningfully advances our strategy of bridging traditional finance with on-chain infrastructure, prediction markets, perpetuals and the broader crypto ecosystem," Assia said in the report.
Charles Schwab, the brokerage giant that manages around $12 trillion in client assets, began rolling out its spot cryptocurrency trading service for retail customers in the U.S. An initial group of clients can now trade bitcoin and ether on the Schwab Crypto platform, the company said on X on Tuesday.17 hours ago
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