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eToro, a social investment and trading network, has announced the launch of its Cryptocurrency CopyFund. This comes shortly after the total market cap of cryptocurrencies surpassed $100 billion.

On June 6, eToro announced the launch of its Cryptocurrency CopyFund, which will allow customers to invest in Ether and bitcoin. Over the last year, the number of eToro users trading cryptocurrencies has grown by a factor of four. Co-founder and CEO of eToro, Yoni Assia, said:

We have been seeing an increasing number of our clients looking for a simpler way to access investments in cryptocurrencies with a view to building a portfolio in the future. They were asking how to allocate their investments between the two largest cryptocurrencies that are traded on eToro, so we have launched an automatically rebalanced investment strategy to simplify their investments into this new exciting asset class.

eToro customers have previously accessed the cryptocurrency markets through CFDs (contracts for difference).

More and more traders and investors are learning about the potential of this market and getting involved. Now they will be able to access a long-term investment strategy that is constantly reviewed and rebalanced, Assia added.

In the Cryptocurrency CopyFund, holdings will be proportional to the market caps of individual cryptocurrencies. Once a month, the fund will automatically be analyzed and rebalanced. Structured as medium-to-long-term investments, CopyFunds require a minimum pay-in of $5,000. While there are no management fees associated with CopyFund investment, eToro does charge transaction fees.

eToro will expand its offerings of cryptocurrencies in the near future to encompass Ripple and Dash among others.

Based in Tel Aviv, Israel, eToro has millions of users in more than 170 countries. In December 2014, eToro raised $27 million from Chinas Ping An Insurance Company and Russias state-owned Sberbank. At the St. Petersburg International Economic Forum, eToro recently presented a pilot blockchain wallet in partnership with coloredcoins.org.

Matthew is a writer living in Los Angeles. He studied international economics at Georgetown University. Matthew is a full time staff writer for ETHNews and holds value in Ether.

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Cryptocurrency CopyFund Launched By eToro - ETHNews