EToro’s crypto trading commissions hit $ 264 million and net trading income of $ 291 million in the second quarter

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The eToro trading platform today announced the latest quarterly results for the second quarter of 2021.

EToro Second Quarter Result: According to eToro’s second quarter results, cryptocurrency trading commissions were $ 264.2 million, up from $ 11.2 million in the second quarter ago a year. This is an increase of almost 23 times over last year.

Bitcoin (CRYPTO: BTC) accounted for 7% of total crypto commissions, which is less than half of contributions from Ethereum (CRYPTO: ETH), Cardano (CRYPTO: ADA) and Ripple (CRYPTO: XRP).

It was even less than Dogecoin (CRYPTO: DOGE). The meme cryptocurrency was added to the platform in May.

“The increase in self-directed investing and the growth of eToro is underpinned by long-term secular trends in investor behavior,” said Yoni Assia, CEO and co-founder of eToro.

The share that crypto accounted for in total trading commissions rose to 73% in the last quarter, from just 7% in the same period the year before.

EToro’s total trading commissions were $ 362 million, while net trading income was $ 290 million.

See more income on FTCV

The company recorded a net loss of $ 89 million due to a non-cash charge of $ 71 million in stock-based compensation for eToro employees and a transaction cost of $ 36 million related to its merger with a Special Purpose Acquisition Company (SPAC) FinTech Acquisition Corp. V (NASDAQ: FTCV).

eToro added 2.6 million new customers in the second quarter, an increase of 121% from the same period last year. It had 23.2 million users in total as of June 30.

The company’s operations in America, which includes the United States and Latin America, accounted for 12% of funded accounts at the end of the second quarter of 2021, up from 6% in the second quarter of 2020. The exchange began operations in the States. United in 2019 and is currently limited to crypto and copy trading.

About eToro: Founded in 2006 in Israel, eToro is a global multi-asset investment platform. The company offers commission-free fractional stock investments, cryptoassets, and replicates the portfolios of other investors.

The story continues

The company started trading Bitcoin (CRYPTO: BTC) in 2013 on its platform. In 2020, 44% of assets were stocks, 32% in commodities, 16% in crypto, and 8% in currencies. The average age of eToro users is 34. Photo: Courtesy of eToro

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