Abstract：eToro, an Israeli global social investment and trading network, has announced intentions to purchase a fintech business called Gatsby, as well as commission-free options and a stock trading firm.
The Gatsby crew, including co-founders, was acquired by Israel-based eToro.
eToro has canceled its merger with FinTech Acquisition Corp. V.
eToro, an Israeli global social investment and trading network, has announced intentions to purchase a fintech business called Gatsby, as well as commission-free options and a stock trading firm.
Jeff Myers and Ryan Belanger-Saleh co-founded Gatsby in 2018 and it is aimed at younger retail investors.
According to TechCrunch, the acquisition is worth $50 million in cash and common shares.
Yoni Assia, CEO and Co-Founder of eToro, said in a statement that the purchase would allow the trading network to give its members in the United States “access to a secure and easy method to trade options.”
“This purchase is a major step in the continued expansion of eToro's service to US consumers, which is now concentrated on crypto and stocks,” eToro said.
“Gatsby's integration will help eToro achieve its aim of delivering multi-asset investment tools to US customers as it expands its social investing network via education, innovation, and giving easy access to the assets and tools people desire.”
According to the statement, the transaction is still subject to normal closing conditions, such as regulatory clearances.
According to Tech Crunch, eToro has acquired clearance from the Financial Industry Regulatory Authority to proceed with the purchase.
Davis Gaynes, Gatsby's President and Co-Founder, Peter Quinn, the startup's Co-Founder and Chief Operating Officer, and Matt Morris, the Head of Product, among others, will join eToro once the transaction is finalized.
“We've always been big supporters of eToro's social components.” “They've truly been the pioneers of social investment, and we've always regarded them as the cool older sibling we'd want to hang out with,” commented Gatsby Co-CEO Ryan Belanger-Saleh.
“It's a perfect match in terms of product and culture, and we're enthusiastic about the next chapter in our shared future,” Belanger-Saleh said.
Meanwhile, eToro just announced a mutual agreement with FinTech Acquisition Corp. V to dissolve their previously disclosed agreement and merger proposal.
Both parties were unable to achieve the merger criteria when the idea was initially disclosed in March 2021.
Among other things, the social investing and trading network missed the June 30 deal-closing date.
“In the present market situation,” Assia added, “we think that it is in the best interests of eToro to cancel the merger agreement and continue to function as a private firm for the time being.”
This eToro review will teach you all you need to know about the eToro online trading platform. From fees to the demo account and becoming a copy trader, to describing how social trading works and locating profitable traders. Whether you want to trade Ethereum, Bitcoin, or Forex, eToro's platform makes it possible for everyone to do so.
Reputation and Regulation
As a Cyprus-based financial services company, eToro is subject to the Cyprus Securities Exchange Commission's regulatory monitoring (CySEC).
eToro is permitted under CIF license number. 109/10, has “passported” its permission to the United Kingdom, and is registered with the Financial Conduct Authority in the United Kingdom (FCA).
The European Securities and Markets Authority (ESMA) also supervises investment firms across Europe and impacts regulatory decisions throughout the EU.
eToro on WikiFX
WikiFX is a free forex trading search engine that gives authentic broker information. It has over 38,000 listed brokers, both registered and unregistered, and it collaborates closely with 30 financial authorities. As a result, WikiFX assesses the broker's credibility using their License Index, Business Index, Risk Management Index, Software Index, and Regulatory Index. eToro has a score of 7.50, which essentially implies that it is regulated and operates from actual offices.
The data in the WikiFX database is sourced from legitimate regulatory bodies like the FCA, ASIC, and others. Fairness, impartiality, and facts are also emphasized in the released information. WikiFX does not charge public relations fees, advertising costs, ranking fees, data cleaning fees, or any other unreasonable expenses. WikiFX will do everything possible to keep the database consistent and synchronized with authoritative data sources such as regulatory bodies, but cannot promise that the data will always be up-to-date.
Based on information supplied by eToro traders worldwide. The number of complaints received by WikiFX in the last three months has reached 35. Please be cautious of the dangers and possible fraud!
For additional information, go to WikiFX's eToro dealer page: https://www.wikifx.com/en/dealer/0001283907.html.
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