Social trading network eToro has just announced the launch of a new cryptocurrencies investment instrument CopyFund. The move comes as eToro has seen the number of users trading cryptocurrencies grow fourfold in just twelve months and as the total market cap of all cryptocurrencies reaches $100 billion.
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The new CopyFund has been allocated since mid-April and has seen returns of over 120% since its inception.
eToro Cryptocurrency CopyFund
eToro says that its first cryptocurrency CopyFund will invest in the two largest cryptocurrencies, Bitcoin and Ethereum. The weighting of different assets in the CopyFund will be determined by the market cap of individual cryptocurrencies. The new fund will be regularly analysed and automatically rebalanced once a month.
Yoni Assia, co-founder and CEO of eToro, comments:
“Blockchain and cryptocurrencies represent the biggest innovation in financial services since the introduction of computers into finance. Today we’re making this market more accessible to a wider pool of investors.
More and more traders and investors are learning about the potential of this market and getting involved. Now they will be able to access a long-term investment strategy that is constantly reviewed and rebalanced.
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.
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.”
Source: Finance Magnates