eToro, the social investing platform, announced that the New York State Department of Financial Services (NYDFS) has approved its subsidiary, eToro NY LLC’s, application for its money transmitter and virtual currency licenses, the latter also known as the BitLicense.

Once eToro NY LLC is operational, users in New York State will have access to eToro’s virtual portfolio, integrated social investing tools and be able to trade stocks, crypto and options.

Yoni Assia, Co-founder and CEO of eToro, commented:

“Securing our BitLicense and Money Transmitter License in New York is a key milestone in the continued expansion of our US business and a testament to the commitment of our team in partnering with regulators and state entities. eToro combines the community led approach of social media with intuitive investing tools and prides itself on the simplicity of its user experience. On eToro users can learn, practice, invest and share ideas.”

Recent E-toro research shows that 45% of American retail investors say they currently invest or plan to invest in crypto. The research also reveals the resilience of investors despite the bear market. Investors are looking for opportunities, while also hedging in case prices fall further. They are thinking long term and focusing on their goals.

eToro remains a long-term supporter of crypto and diversified investing at large. Earning the badge of an ‘innovator’ means working closely with regulators, both in the US and globally, to shape the future of the crypto industry.

Featured image credit: Yoni Assia, Co-founder and CEO of eToro. edited from Unsplash