Brendan Moran by Sportsfile/Corbis/Sportsfile via Getty Images
- Trading platoform eToro saw 3.1 million new users in the first quarter of 2021 – a significant uptick compared to the 1 million who signed up in the same period last year.
- The company said the surge was driven by rising demand for stocks and cryptocurrencies.
- eToro also revealed that the total number of trades executed on the platform jumped 233% compared to the first quarter of 2020.
- Sign up here for our daily newsletter, 10 Things Before the Opening Bell.
Online trading platform eToro saw 3.1 million new users who registered in the first quarter of 2021 – a significant uptick compared to the 1 million gained in the same period last year – driven by rising demand for stocks and cryptocurrencies, the company said Thursday.
The figure represents more than half of the 5.2 million new users who registered for the full year of 2020. In total, eToro boasts more than 20 million registered users.
"The crypto bull run at the end of 2020 and beginning of 2021 also highlighted a growing trend towards diversification of cryptoassets within retail investor portfolios, with some altcoins increasing in popularity," Yoni Assia, cofounder and CEO, said in a statement.
The company also revealed that the total number of trades executed on the platform jumped 233% increase to 210 million for the quarter, compared to the first quarter of 2020.
eToro has been building on the cryptocurrency frenzy that has exploded in recent months. The company said it recently added seven new cryptocurrencies to meet the demand of customers.
One of those additions was dogecoin, which Assia told Insider has "one of the largest, loudest and funniest communities in the cryptocurrency industry."
Cryptocurrencies early this year have exploded in popularity led by rallies in bitcoin and ether, two of the largest digital assets by market capitalization. As of Thursday, bitcoin has gained 33% year-to-date while ether has risen 283%. Dogecoin for its part has skyrocketed 8,400%.
Further aiming to capture the zeitgeist, eToro plans to launch the eToro Money app and debit card in Europe this year. The company said the app will connect directly to eToro investment accounts and enable instant deposits and withdrawals.
In March, eToro announced plans of going public through a $10.4 billion merger with Betsy Cohen's FinTech Acquisition SPAC to compete with its rivals, including Robinhood, which has plans to expand in the US.
eToro, founded in 2007, said it will publish its full interim first-quarter financial reports in the coming weeks.