eToro launches portfolio firms behind Facebook’s Libra
The trading platform said the portfolio gives investors a chance ‘to take a stake’ in the planned digital currency.
Trading platform eToro has launched a portfolio of firms involved with Facebook’s new digital currency Libra.
The Israeli business said it has grouped together 13 publicly-traded companies for investors that are part of the big tech firm’s plans to launch a new global currency.
Last month, the social media giant, led by chief executive Mark Zuckerberg, said it planned to introduce a new digital coin, that unlike other cryptocurrencies such as Bitcoin, will be backed by a basket of reserve currencies like Sterling and the US dollar in a bid to curtail wild fluctuations.
Facebook and its consortium partners said the currency will dramatically lower the costs of domestic and cross border payments, in a move it hopes will upend the delivery of financial services around the world.
The consortium currently consists of 28 financial, technology and not-for-profit bodies that range from Mastercard, Uber and Women’s World Banking.
But policymakers, such as the Bank of England, have raised concerns about Facebook’s plans that range from money-laundering, tax evasion and data protection issues.
However, eToro co-founder and chief executive Yoni Assia (pictured) said: “The Facebook Libra project presents a seismic shift for global finance as it is the first time we are seeing a tech giant make a move into finance using crypto. We want to give people the opportunity to take a stake in it as in the past, only the private companies and individuals involved in these historic developments have benefitted from them. We want to change that.”
The Tel Aviv-based platform, founded in 2007 runs a range of portfolios that cover renewable energy, cybersecurity and the medical cannabis industry.
Assia added: “Given the importance of the Libra project, this portfolio was devised just two weeks after the project’s whitepaper was made public.”
The companies in eToro’s Libra portfolio are: Mastercard, Paypal, Visa, Booking Holdings, eBay, Lyft, MercadoLibre, Spotify, Uber, Facebook, Iliad, Vodafone and Farfetch. The trading platform adds the minimum investment in the portfolio is $2,000.