eToro, a crypto investment and trading management platform, seems to be planning to conduct an IPO. There are rumors that the firm is in talks with Goldman Sachs, an investment bank, to conduct an IPO worth $5 billion. This has been revealed by CalCalist, an Israelian new outlet, and also mentioned that the firm is planning to complete its IPO by the second quarter of 2021. There are also rumors that the firm might merge with a special acquisition firm, which is planning to enter into Wall Street trading. eToro Plans IPO After Adding 5M Users to Its Platform in 2020 It has been seen that from the past few months, institutional investors are showing huge interest in the crypto industry. As per the analysts, this is the best time for any firm to conduct an IPO due to this increased interest. The news outlet has also reported that eToro has added five million users to its platform in 2020, and the revenue of the firm has reached $500 million. Not only the users, but eToro has also added recruited a lot of new employees and is planning to hire more in 2022. Hundreds of Millions Raised From 11 Funding Round Crunchbase, a data analyst, has claimed that eToro has raised around $272 million in a total of 11 funding rounds. In the secondary market offering, it can raise an additional $50 million in funding. Several prominent crypto players were also included in these funding rounds. The firm can gain a recognizable position in the cryptocurrency industry as it has maintained close ties with several firms. Back in April 2019, it has also launched its crypto exchange called eToroX along with eight stablecoins, which shows the indulgence of the firm in the crypto space. Now launching its own IPO is another step towards increasing its adoption and relevance in the space.
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