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eToro has announced the addition of five new cryptoassets: LayerZero, ZKsync, Pyth, EigenLayer, and Swell.
This expansion follows the approval of a permit for eToro (Europe) Ltd, a subsidiary of the platform, by the Cyprus Securities and Exchange Commission (CySEC).
LayerZero enables communication between different blockchains. ZKsync is a Layer-2 solution for Ethereum, speeding up transactions and lowering costs. Pyth provides real-time market data for DeFi platforms. EigenLayer enhances Ethereum’s security and efficiency through restaking. Swell is a staking protocol for Ethereum that integrates with DeFi platforms.
New Experimental Cryptoassets Unavailable in Select Regions
EigenLayer and Swell are classified as experimental cryptoassets. These assets are highly volatile, have low liquidity, and may offer new technologies. Other experimental assets on eToro include Toncoin, Pepe, and Official Trump. They carry higher risks, such as stability and liquidity concerns.
To manage these risks, eToro has imposed limits on the value of positions users can open in experimental assets, based on their eToro Club tier.
eToro has been providing retail clients access to crypto markets since 2013. However, the new cryptoassets are not available to users in the United States, UAE, Germany, or Australia. The platform allows users to buy, hold, and sell real underlying assets from over 100 cryptoassets.
eToro Gains CySEC Permit for MiCA
The CySEC permit enables eToro to operate within the framework of the Markets in Crypto-Assets Regulation (MiCA), which regulates the crypto market and establishes clear rules for cryptocurrency trading, as reported by Finance Magnates.
It also ensures the platform’s compliance with MiFID, the EU directive overseeing financial markets. These regulations are designed to improve investor protection, increase transparency, and enhance regulatory oversight.
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