Crypto broker e-Toro is planning to go public, clearly showing that popular digital exchange Coinbase is setting up a massive trend that others are potentially following.

e-Toro Is Following in Coinbase’s Footsteps

It was announced late last year that digital currency exchange Coinbase – stationed in San Francisco, CA – was planning to go public. As one of the largest and most popular crypto trading platforms in the world, Coinbase is valued at roughly $100 billion, and it is the fist cryptocurrency company of its kind to make such a move.

To be fair, while e-Toro isn’t necessarily going public on its own, the company is merging with blank check enterprise FinTech Acquisition Corp. It is this company that will be going public, and with e-Toro becoming a whole new division, the crypto firm is going to be part of the action.

FinTech Acquisition is backed by Betsy Cohen, founder and former CEO of The Bancorp. In an interview, she commented:

In the last few years, e-Toro has solidified its position as the leading online social trading platform outside the United States, outlined its plans for the U.S. market and diversified its income streams. It is now at an inflection point of growth.

Both enterprises, when put together, will be worth an impressive $10.4 billion, and will operate under the new name e-Toro Group Ltd. It will be listed on the Nasdaq and will begin with roughly $800 million on its balance sheet that stems from several financial giants including Fidelity Management and Research Company LLC, ION Investment Group and Softbank Vision Fund 2.

As it stands, present equity holders in e-Toro will retain approximately 91 percent stock ownership in the company. CEO and co-founder of e-Toro Yoni Assia explained in a statement:

e-Toro is a truly diversified, multi-asset investment platform, but we are big believers in crypto and the blockchain technology that underpins it. We are excited to see the continued mainstream adoption of crypto.

Based in Israel, e-Toro was founded approximately 14 years ago in 2007. Presently, it allows users to invest in a wide array of assets including cryptocurrencies, stocks and exchange-traded funds (ETFs). The company first began allowing traders to invest in bitcoin in 2013 and was one of the first regulated exchanges in Europe to do so. It would permit U.S. customers to begin investing in crypto in 2019.

Serious Growth Over the Past Year

One of the biggest benefits of trading with the company is that all transactions are commission free, ensuring customers receive the best prices. The company saw as many as five million new users join its roster of clients in the year 2020 following bitcoin’s many price booms that have ultimately pushed the currency to more than $55,000 per unit.

Initially, the brokerage was experiencing roughly 27 million monthly trades during this time, though that figure has since doubled.

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