Primecoin

The trading platform eToro announced on March 21 that it had raised $250 million in investment at a valuation of $3.5 billion. After attempting to go public through a special purpose acquisition company (SPAC) merger last year, the Israel-based firm received funds for the first time since 2018.ION Group, SoftBank Vision Fund 2, Velvet Sea Ventures, and several existing investors participated in the round.The cash comes from an Advance Investment Agreement (AIA) signed by eToro in early 2021 as part of its anticipated SPAC deal. The AIA is a legal agreement between an investor and a firm in which the investor commits to future investments in the company.Investors and the company agree on the key parameters of the investment upfront by signing an AIA. For eToro, the investment would be carried forward two years after the agreement was signed, subject to certain conditions, such as not pursuing a SPAC deal or raising more funds. Because neither possibility materialized, the AIA transaction proceeded.eToro and Fintech V announced the SPAC acquisition in 2021, valuing the trading platform at $10 billion. But, the firm&#39;s intentions have been hampered by the collapse in cryptocurrency markets. eToro and Fintech V reached a mutual agreement to end the merger in July.According to eToro, commissions totaled $631 million in 2022, a 49% decrease from 2021 and a 5% increase over 2020, when eToro generated $605 million in revenue. Revenue is expected to reach $2.5 billion by 2025, according to its SPAC report.&#34;We&#39;ve had a strong start to the year, with markets reacting favorably to &#39;less negative&#39; news and retail trading reaching an all-time high,&#34; said eToro founder and CEO Yoni Assia in a statement. &#34;Year to date, we have experienced an increase in total commissions and profitability compared to the prior quarter, owing to increased user engagement and trading activity.&#34;Despite market volatility, eToro completed two acquisitions in 2018. The company announced the acquisition of the options trading app Gatsby in August, and the social investment network Bullsheet in October.

eToro Raises $250M after Terminating SPAC Deal

ItsBitcoinWorld

Autres articles publiés le 23 mars 2023

Coinbase Could Face SEC Enforcement Action For 'potential violations of securities law'

What Is A Decentralized Autonomous Organization? How Does It Change The Game?

Bitcoin Price Corrects But Uptrend Is Still Intact and BTC Could Rally Again

FOMC Rate Hike Briefly Dips BTC Below $27k, Crypto Daily TV 23/3/2023

Singapore-Based Investment Firm BitRock Targets Web3 With $100M Fund

SUSHI Crashes As SushiSwap Served With SEC Subpoena

Join our free newsletter for daily crypto updates!