eToro has been letting its users access the global crypto markets for quite some time now, but this was through contract for differences (CFDs). However, eToro has just begun the rollout of its new crypto wallet, meaning you can actually store your Bitcoin that you bought from an exchange with your eToro wallet. This gargantuan move comes just after the trading platform signed advertising deals with top Premier League teams and paid them in Bitcoin – presumably sending it to their new eToro wallet.
A Powerful Crypto Wallet
The eToro crypto wallet is available for download from the Google Play Store and the Apple App Store and it packs a number of popular features that we think you will just love. It has the ability to store a number of cryptos and uses MultiSig security to keep your horde of cryptos safe from hackers. Currently, the eToro crypto wallet can only hold Bitcoin, Bitcoin Cash, Ethereum and Litecoin, but it’s working on adding more cryptos very soon.
New Wave of Crypto Wallets
The news from eToro comes as Ledger and SatoshiLabs both announce their new hardware wallets. There is tough competition coming from SatoshiLabs, as its new hardware wallet will let you exchange cryptos from within the wallet – something no other wallet lets you do. Sony has also been hard at work creating its own hardware wallet. However, Sony has gone for a practicality approach. Its hardware wallet comes equipped with NFC and RFID chips to let users tap their wallet on a POS machine and make payments without the need for lugging around a computer.
Wallet Hackers Becoming More Prolific
The eToro wallet could be vulnerable to sim swapping attacks from hackers and crypto thieves. Hackers looking to hit crypto wallets have become more prolific, as more people move their cryptos away from exchanges into cold storage. One group of Turkish hackers that stole nearly $80,000 were arrested earlier this week after the stolen funds were traced back to their IPs.
One creative group of hackers managed to steal funds from a crypto exchange’s cold storage. Trade.io used a bank’s safety deposit box for its safe storage, but the hackers managed to bypass this in order to empty its cold storage supplies. It’s the first time this has ever happened and experts are still scratching their heads about how it occurred. Hopefully, eToro has built in some advanced security measures to keep cryptos safe.
People are always looking for more user-friendly ways to keep their cryptos safe, and some hardware wallets are rather clunky and confusing. This new wallet from eToro promises to be one of the most user-friendly crypto wallets on the market, so give it a go and see what all the fuss is about.