eToro, the trading and investing platform, announced today that it has enabled crypto deposits in the UAE. This milestone makes eToro one of the few trading and investing platforms in the UAE to allow users to transfer in cryptoassets from other exchanges, brokers, or blockchain wallets. Alongside this new feature, eToro unveiled a new benefit giving UAE-based users 1% back in UAE-listed stocks when they convert their crypto deposits to USD.
Doron Rosenium, EVP, Business Solutions at eToro said: “Launching crypto-to-USD conversions alongside our new eToro Wallet gives investors in the UAE greater flexibility in how they manage their digital assets. Many younger users began investing through crypto, and are now looking for simple, seamless ways to diversify into other asset classes. As a multi-asset platform, we are well-equipped to support them in building a diversified investment portfolio.”
Eligible eToro users can now transfer bitcoin (BTC), ethereum (ETH), XRP, USDC, Chainlink (LINK), Aave (AAVE), Uniswap (UNI), Polygon (POL), and Fetch.ai (FET) from external wallets or exchanges to their eToro Crypto Wallet. They can then convert their holdings to USD, and use the funds to invest in it any instruments on eToro’s investment platform.
When transferring eligible crypto assets to their eToro Crypto Wallet and converting them to USD, users will be rewarded with one percent back on the conversion in their chosen stock from a selection of leading ADX- and DFM-listed equities, which will be added to their trading portfolio.
George Naddaf, Managing Director of eToro MENA said: “We are proud to be one of the few platforms in the UAE and globally to enable crypto deposits.
Together with the stock-back reward, this will give UAE investors more ways to connect their crypto investments to opportunities in the local market – especially as our retail investor survey shows that over 90% of UAE-based investors are confident in the long-term performance of local companies – as well as global markets.”