The Bank of Spain has approved the registration of eToro as a service provider for the exchange of virtual currency for fiat currency and electronic wallet custody services.
Earlier this year, the online trading platform achieved a valuation of $3.5 billion and has partnered with Twitter to enhance the social media giant’s payments and financial features. Additionally, eToro recently announced the creation of a passive investor portfolio consisting entirely of shares from 40 leading fintech companies.
Tali Salomon, eToro’s Regional Manager for Iberia and LatAm, stated, “This registration is a testament to our commitment to operating a growing business that prioritizes consumer protection while also nurturing innovation and ensuring access for individual investors. As a multi-asset platform that has long supported 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 access to a diverse range of asset classes, investment tools, and educational resources to help them grow their knowledge and wealth.”