IOTA (MIOTA) Added on eToro: Good News for Investors?
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IOTA (MIOTA) Added on eToro: Good News for Investors?

eToro has announced that it has added IOTA (MIOTA) on its platform, thus expanding the total number of crypto assets on the platform to 12.

With over ten million registered users, eToro is one of the most famous global investment platforms there are. The platform gives people the power to invest in what they wish to invest, the way they wish to invest. People have a wide array of options ranging from stocks and commodities to crypto assets.

The platform allows users to share their investment strategies and also to use the approaches used by those who had been most successful on the platform. It allows users to buy, hold or sell their assets easily, and also to monitor their portfolio and make transactions whenever they wish to.

Adding IOTA to the platform brings a certain degree of variety to it since the cryptocurrency is much different from the cryptocurrencies available in the market. By making all technological resources potential services which can be traded in open markets in real-time without fees, it aims to enable companies to explore and start their own business to business marketing opportunities.

Unlike most of the cryptocurrencies, IOTA doesn’t use a blockchain. It is instead underpinned by Tangle, a blockless technology developed by the IOTA team. With the help of IOTA Tangle ledger, the platform is able to settle transactions at zero fees. This enables devices to trade exact amounts of resources when they need them. It also enables storage of data from data-loggers and sensors in a secure manner which can then be verified on the ledger.

IOTA aims to become the backbone of the Internet of Things (IoT) in the future.

Also Read: IOTA(MIOTA) Shows Bullish Returns Despite Downfall Due To Changes

Adding IOTA to the platform would help investors on the platform diversify their cryptocurrency portfolios. Investors would now have new opportunities of adding altcoins in their portfolio since alongside Bitcoin, they would now have the option to choose between Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BTC), Ethereum Classic (ETC), Litecoin (LTC), Stellar (XLM), EOS (EOS), Dash (DASH), NEO (NEO), Cardano (ADA), and now even IOTA (MIOTA).

The crypto asset would be owned by crypto investors on the platform. eToro would merely act as a custodian of the coins.

IOTA would be added to eToro’s Crypto CopyFund as well. It uses CFDs for enabling investors to invest in all the available cryptocurrencies (which are weighted according to their market cap) with a single click.

According to the press release, the co-founder and CEO of eToro, Yoni Assia said:

“At eToro we believe in diversification and we are committed to bringing more cryptoassets onto our platform for our users to invest in.
Today, there are billions of devices that rely on the Internet of Things and this number is growing exponentially, with millions more new sensors added every week, as the planet becomes ever-more connected. IOTA aims to be the ‘ledger of everything’ by allowing data exchange between the sensor-equipped devices that populate IoT.”

While there is no doubt that every cryptocurrency has profited from being added to a new cryptocurrency exchange, the changes in IOTA haven’t been much since the press release has surfaced. They cryptocurrency saw a small rise of roughly 2 percent ever since the press release had been released.

It might be a little too soon to say whether getting added on eToro’s platform would be a good news for the investors or not. However, one can be certain that there would be an increase in the adoption of the cryptocurrency because of being added to the platform.

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Syed Ali Mudassar
It was when he was pursuing his graduation in Computer Science that he found his flair for writing about new and existing technologies. He likes researching about technologies and how they could help people. Currently, he works as the Content Manager at CoinFrenzy, a leading blockchain news, and media publication website.