FX broker eToro has announced that it has just added IOTA, bringing the total number of cryptoassets available on the platform to 12.
IOTA aims to enable companies to explore and open up new business to business marketing opportunities by making every technological resource a potential service to be traded on an open market in real time, with no fees.
Unlike most cryptos the IOTA platform does not use a blockchain. Instead it is underpinned by a blockless technology its creators call ‘Tangle’. The IOTA Tangle ledger is able to settle transactions with zero fees so devices can trade exact amounts of resources on-demand, as well as store data from sensors and data-loggers securely and verified on the ledger. The cryptoasset aims to become the backbone of the Internet of Things (IoT).
The addition of IOTA comes as investors look to diversify their cryptocurrency portfolios, seeking new opportunities through altcoins. It will now be available on the eToro platform alongside Bitcoin, Ethereum, Bitcoin Cash, XRP, Litecoin, Ethereum Classic, Dash, Stellar, EOS, Cardano and NEO.
Crypto investors on eToro own the actual cryptoasset with eToro acting as custodians of the coins.
IOTA will also be added to eToro’s Crypto CopyFund, which uses CFDs to enable investors to diversify across all available cryptocurrencies (weighted by market cap) with just one click.
Yoni Assia, Co-founder and CEO at eToro, commented:
At eToro we believe in diversification and we are committed to bringing more cryptoassets onto our platform for our users to invest in.
Today, there are billions of devices that rely on the Internet of Things and this number is growing exponentially, with millions more new sensors added every week, as the planet becomes ever-more connected. IOTA aims to be the ‘ledger of everything’ by allowing data exchange between the sensor-equipped devices that populate IoT.