On the heels of a pilot blockchain wallet, social trading network eToro has announced the launch of a new cryptocurrencies investment ‘CopyFund’.
According to the official release, eToro CopyFunds allow users to invest in predefined market strategies whilst leveraging the wisdom of the crowd. Top Trader CopyFunds and Market CopyFunds give investors access to the top performing strategies from eToro’s global community of investors. By creating diversified investments, they help investors minimise long-term risk and to promote opportunities for growth.
“We have been seeing an increasing number of our clients looking for a simpler way to access investments in cryptocurrencies - with a view to building a portfolio in the future. They were asking how to allocate their investments between the two largest cryptocurrencies that are traded on eToro, so we have launched an automatically rebalanced investment strategy to simplify their investments into this new exciting asset class”, Yoni Assia, Co-founder and CEO of eToro, said.
eToro said that the new CopyFund has been allocated since Mid-April and has seen returns of over 120% since inception. It added that it now has 21 CopyFunds available, all with a minimum investment of $5,000.
The first Crypto-currency CopyFund will invest in the two largest cryptocurrencies, bitcoin and Ethereum, the release said. The weighting of different assets in the Crypto-currency CopyFund will depend on the market cap of individual cryptocurrencies. The new fund will be regularly analysed and automatically rebalanced once a month.
“We’re launching this week the Crypto-currency CopyFund. We plan to add more cryptocurrencies such as Ripple and Dash, in the near future to expand our offering as well”, Assia added.
eToro users can also trade individual cryptocurrencies, focusing on Bitcoin and Ethereum. Founded in 2007, eToro allows its users to watch the financial trading activity of other users, copy them, and to make their own trades.
