eToro, the World’s Leading Social Investment Network,Announces Plan to Base U.S. Operations in Miami
eToro, the world’s leading social investment network, announced its intention to establish a new operations and innovation hub in Miami, Florida. The decision, which has been under consideration for the past few months, became final after Co-Founder and CEO Yoni Assia and US Managing Director Guy Hirsch met with Miami’s Mayor, Francis Suarez. The new hub will create jobs in Miami and double the company’s U.S. workforce, with the addition of up to 50 roles by the end of 2022.
“Miami is experiencing an innovation renaissance, specifically in blockchain, crypto, fintech, and venture capital,” said Assia. “As we are preparing to take the next step in our journey and become a public company, it is the ideal place for us to be to ensure we stay on the cutting edge of our industry.”
After announcing its intention to become a publicly traded company through a business combination in March with FinTech Acquisition V, a Special Purpose Acquisition Corporation, eToro has added several new crypto assets to its platform, including Chainlink, Uniswap, Dogecoin, AAVE, Compound, Yearn.Finance and Decentraland. It is also set to launch a stock offering for US clients by the end of 2021.
“The decision to expand our presence into South Florida is a logical step for our business,” said Hirsch. “The area is rich with diverse talent from all over the world and a creative spirit that comes from a melting pot of cultures. We have the opportunity to further expand staffing and capabilities in operations, as well as increase our ability to service current and future markets.”
eToro has experienced unprecedented growth since establishing its US presence in 2018. In January 2021 alone, the company added more than 1.2 million users globally and saw more than 75 million trades executed on the platform, with US customers responsible for a growing proportion of this activity. The company now serves more than 20 million users worldwide through its rapidly expanding social community. Its growth is supported by several trends, such as the overall adoption of fintech and digital wealth platforms and the rise in retail investing. eToro was one of the first regulated platforms to offer crypto assets and is well-positioned to benefit from mainstream crypto adoption.
“eToro's commitment to Miami furthers the narrative that this is not a moment but a movement, and we are on our way to becoming the ‘Capital of Capital,’” said Mayor Suarez.
Miami’s tech scene, which according to Crunchbase, raised close to $1 billion of venture funding in 2020, is quickly becoming one of the world’s premier startup and innovation ecosystems, especially in the crypto space. It boasts several startups, venture capital firms, and accelerator programs that have recently established a presence in the area. This is driven by the visionary work of Mayor Francis Suarez, who continues to establish Miami as an emerging tech hub, and the Miami Downtown Development Authority (DDA), a City of Miami independent agency committed to growing the economic health and vitality of downtown Miami. For more than eight years, the Miami DDA has been focused on attracting finance firms, startups and innovation companies to the area with eToro joining an impressive list of companies that have made the city an essential part of its operations.
“We are in the middle of one of the fastest, most exciting transformations of any city, and eToro’s move to Miami could not have come at a better time,” said Philippe Houdard, Miami DDA Board Member and Co-Chair of the Enterprise Committee. “eToro is one of Miami’s first crypto exchange companies and will be creating dozens of high-paying jobs by next year. This is another great example of the caliber of companies Miami is attracting; organizations that are diversifying our economy and creating bigger and better opportunities for our residents and communities.”
For more information, visit www.etoro.com.