Cryptocurrency News

eToro is the latest crypto exchange to move to Miami


‘Miami Migration’? ‘Florida Swarm’? While no words have been coined yet, eToro wants to get its name into the mix as there is undoubtedly a greater affinity towards the South Florida region when it comes to cryptocurrency and technology. During last week’s Bitcoin 2021 conference in Miami, eToro announced that the firm was exploring locations for another US center to work with its Hoboken, NJ office.

A move to Miami (ment)

Miami Mayor Francis Suarez has spoken openly about his desire to make Miami a tech hub. The efforts seem to be paying off. Less than two days before eToro’s announcement, Blockchain.com announced that their US headquarters would move from New York to Miami, bringing about 300 jobs to market over the next year and a half.

Following eToro’s announcement, Mayor Suárez said that “eToro’s commitment to Miami furthers the statement that this is not a moment but a movement, and that we are on our way to becoming the ‘Capital of the People’.”

Other major cryptocurrency exchanges are joining Miami as well. FTX made a splash in traditional sports sponsorship earlier this year by teaming up with local NBA team Miami Heat and locking in a major naming rights deal for the team’s field.

Related Reading | eToro adds Chainlink and Uniswap amid investor boom for crypto

eToro’s execution

In terms of weekly visitors, Israel-based eToro is the second largest exchange, behind only Binance. The firm reigns in over 19M weekly visitors.

Guy Hirsch, the US managing director of eToro, says traditional finance and cryptocurrency players are pushing Miami to become ‘mainstream’ for their firms. “Following these trends, we decided to take advantage of this great event and get involved in the city by opening an office in the Miami area,” Hirsch said.

The news comes as one of the biggest bitcoin gatherings takes place in the city, with 15,000 people gathering at the Mana Wynwood Convention Center in Miami for the Bitcoin 2021 conference.

Crypto's emergence has become a major focus for Miami mayor Suarez in building the city as the next 'tech hub'. | Source: CRYPTOCAP on TradingView.com

big picture

From sponsorships to stock listings, eToro has been shedding tears lately. The company announced plans to go public through the SPAC merger less than two months ago, valuing the business combination north of $10B. The deal was done with the SPAC team led by fintech veteran Betsy Cohen.

As a “social investment network,” the company also launched Bitcoinworldwide in recent months, a thematic stock portfolio based on the value chain behind bitcoin – think chip makers, mining operations, exchanges, and more.

eToro has also doubled down on international sponsorship efforts, forging partnerships with equestrian racing leagues and a three-year deal with Rugby Australia.

The company has also seen substantial user growth, including a 210% skyrocketing in new users in Q1, amounting to over 3 million.

Related Reading | eToro Adds Dogecoin

Featured image from Pixabay, Charts from TradingView.com



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