eToro is no stranger to the world of cryptocurrencies, having launched crypto trading on its platform several years ago. However, this time around, eToro looks set to form a partnership with Ripple to become an xRapid partner in order to help the network expand and grow. Yoni Assia – eToro CEO – met with Brad Garlinghouse – Ripple CEO – at the Paris Fintech Forum and reportedly discussed on a collaboration between the two companies.
Making Cross-Border Payments Faster
Currently, if you deposit or withdraw from eToro payments will be processed by a bank using traditional systems. This means there will be fees and a time delay on both processes – not ideal for traders. So, by partnering with Ripple and implementing xRapid on its platform, eToro is hoping to speed up the entire process and keep its traders happy as Larry. If a trader’s bank account supports xRapid transfers, the fiat will be exchanged into XRP, sent to eToro and then converted back into fiat, with the whole process taking a few seconds and costing less than a cent.
There is One Problem Though
While eToro might be eager to take full advantage of this next generation cross-border payment system, there are still a few snags. The biggest snag with xRapid is that no banks are using it. Okay, there is one bank using it for now, meaning that for the time being it’s a pointless integration. Binance has hinted at signing up to xRapid once the network grows enough for it to be worth the integration time, but seeing as only Euro Exim Bank is signed up to xRapid, it could be some time before both Binance and eToro sign up.
eToro Already Dabbling in Crypto
eToro isn’t afraid of the crypto world, and has in fact already forged partnerships and deals with some of the biggest names out there. At the start of the 2018/19 Premier League season, eToro signed advertising deals with some of England’s biggest football clubs, including Tottenham Hotspur and Leicester City. The advertising deal was paid in Bitcoin and eToro – along with the crypto world – got the chance to shine on one of world football’s biggest stages.
New Crypto Wallet Anyone?
eToro’s crypto adventure doesn’t end there. The plucky trading platform has gone as far as creating its own crypto wallet, so that crypto traders can hold their crypto in a safe and secure eToro-backed wallet. Using MultiSig security, the eToro wallet is one of the safest and most secure around – not to mention it’s free on the Google Play Store and Apple App Store.
While it might be some time before eToro makes the plunge and signs up to xRapid, it will give eToro a much-needed boost. Currently, withdrawal fees eat up small traders profits, so this low fee system could bring in a lot of new business to the platform.
