Gatsby is an options and stock trading app with no commissions. Block quoted co-founder Ryan Belanger as saying, “We wanted to partner with a great firm. We’re excited about this deal.” Under the deal, the Gatsby team will join eToro. Gatsby users get the convenience of trading stocks and options of listed companies and Exchange Traded Funds (ETFs) without any commission. The firm had secured funding of $10 million last year. Its investors include Barclays Bank, Techstar Ventures and Beta Bridge Capital.
The trading of cryptocurrencies in the US has grown rapidly over the past few years. For this reason eToro plans to expand in the US. A survey conducted by Deloitte in June revealed that more than 75 percent of retailers in the US are interested in introducing stablecoins as a payment option. Stablecoins are cryptocurrencies that attempt to link their market price to a reserve asset such as gold or common currencies. These are more commonly used for digital transactions that involve converting virtual assets into real assets. USD Coin, Tether and Binance USD are some of the popular stablecoins, which are pegged to the US dollar. Stablecoin, a rapidly growing version of crypto, has emerged as a major medium of exchange. It is often used by traders to remit funds.
Two US states are moving forward on plans to tax cryptocurrencies. Revenue departments in Colorado and Utah have decided to allow individuals and firms to pay taxes in cryptocurrencies such as Bitcoin and Ethereum. However, for this these states are facing some difficulties. Selling in cryptocurrencies has reduced the value of the global crypto market from a high of around $3 trillion in November last year to a little over $1 trillion. Bitcoin, the largest cryptocurrency by market capitalization, has lost 60 percent in value since November.
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