Investment

The eToro cryptocurrency trading platform will be announced through a $ 10 SPAC merger

The cryptocurrency-friendly eToro trading platform seems to be taking firm steps to achieve its goal of publishing in the United States.

According to a Press Release released on Tuesday, eToro is negotiating with FinTech Acquisition Corp. V – a purpose-built acquisition company owned by Philadelphia veteran banker Betsy Cohen – for a $ 10 billion merger.

Both companies are seeking to raise equity of approximately $ 650 million to facilitate the closing of the deal. Softbank Vision Fund 2 and Fidelity Management and Research Company are among the investors to participate in this capital increase.

Fintech V also reportedly holds approximately $ 250 million in cash trust recovered in December 2020. The company awaiting repurchases from FinTech V shareholders will therefore have $ 800 million in net balance sheets on its balance sheet created by senior executives. allocated to future growth plans.

As previously reported by Cointelegraph, eToro is said to be expanding the public list in the United States. At the time, there was some speculation about a possible IPO before the end of the second quarter of 2021.

eToro is now the last company involved in cryptocurrencies to negotiate a merger with SPAC in the US Earlier in 2021, bitcoin owned by the Intercontinental ExchangeBTC) Bakkt futures platform reportedly working on a A $ 2.1 billion SPAC merger.

In addition to being a regulated entity in Europe, Australia, Gibraltar and the United Kingdom, eToro also received a broker-dealer license from the US Financial Industry Regulatory Authority in 2019.

Since the start of trading in bitcoins through contracts for differences in 2013, eToro has expanded its crypto-exchange service with additional crypts such as Ether (ETH) and litecoin (LTC). According to CEO Yoni Assia, the cryptocurrency trade is on eToro grew 25 times year-on-year in 2020.

Following a lawsuit filed by the US Securities and Exchange Commission against Ripple, a social trading platform discarded XRP of its cryptocurrencies in December 2020.



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