The Bank of Spain has approved the registration of eToro as a service provider of exchange of virtual currency for fiat currency and electronic wallet custody services.
The online trading platform received a $3.5 billion valuation earlier this year, and has partnered with Twitter to build out the social media giant’s payments and financial features. Yesterday eToro also announced that it has built out a passive investor portfolio comprising solely of shares across 40 leading fintechs.
Tali Salomon, eToro’s Regional Manager for Iberia and LatAm, said: “This registration is a testament to our commitment to operating a growing business which prioritises consumer protection while also nurturing innovation and ensuring access for individual investors. As a multi-asset platform which has been a long standing supporter of crypto and blockchain technology, we are proud to have received this registration from the Bank of Spain. We will continue to empower our Spanish users by providing them with access to a diverse range of asset classes, investment tools and educational resources to enable them to grow their knowledge and wealth.”