Israeli social trading platform eToro has raised $100 million to bolster its blockchain development, led by Hong Kong-based China Minsheng Financial. The company is reportedly valued at $800 million.
Other participants in the Series E round include new and existing investors: SBI Group, Korea Investment Partners, World Wide Invest, BRM Capital, Spark Capital, CommerzVentures, Social Leverage, and Cubit Investments.
While the company will continue to expand into new markets, it will be investing funds in more R&D on blockchain in response to growing demand for cryptocurrency trading on its platform alongside traditional asset trading.
“This financing round will be critical for us and will help us to continue to develop our technologies and support the rapid growth that we have been experiencing recently. It will also help us continue our work in blockchain research,” commented CEO Yoni Assia.
According to the company, which also has a base in London, it has nine million users and received more than $1 billion in customer deposits last year. It has now raised a total of $162 million from VCs.