eToro, a multi-asset international online social trading network, has received a virtual currency license, also known as a BitLicense, from the New York State Department of Financial Services. In addition, the regulator approved eToro’s money transfer license, which the company obtained through eToro NY LLC, its US subsidiary.
A post on the eToro website states that the licenses may offer stock, Crypto, and options trading features for New Yorkers. eToro plans to expand its virtual portfolio and integrated social investment vehicles for New Yorkers once eToro NY LLC goes live.
Innovation is the final step in eToro’s growth. Previously, the company expanded the list of assets for its Brazilian clients by giving them full access to all instruments, with the exception of forex contracts for difference, which was explained by the country’s regulatory requirements.
Additionally, this year the company introduced InvestorAI-US, an AI-powered portfolio targeted at high-growth firms operating in the United States. The portfolio was introduced in partnership with British startup Bridgeweave. However, eToro said the new portfolio is not yet available to US clients.