Could Shiba Inu Coin Inclusion Help eToro Ahead Of SPAC Merger?

One of the hottest cryptocurrencies of 2021 was added to a leading retail broker on Thursday, which could boost shares of a company going public via SPAC.

What Happened: eToro, a company set to merge with FinTech Acquisition Corp V FTCV, added Shiba Inu coin SHIB/USD to its platform.

Shiba Inu is a cryptocurrency similar to Dogecoin DOGE/USD as it uses the popular Shiba Inu dog. The cryptocurrency leverages Ethereum’s ETH/USD network and plans to launch a DeFi ecosystem.

Shiba Inu’s ShibaSwap platform will allow users to stake rewards and also plans to launch NFTs.

See Also: How To Buy Shiba Inu 

Why It’s Important: eToro, based in Israel, launched Bitcoin BTC/USD trading in 2013 on its platform. Cryptocurrency has been a major driver of the company’s growth, with eToro launching it on its platform in the U.S. in 2019.

eToro had 17.5 million registered accounts at the end of 2020 and announced over 20 million registered accounts in March.

Revenue in 2020 was up 147% year-over-year for eToro. The company has seen compounded annual growth of 78% from 2016 to 2020.

The company plans to launch stock trading in the U.S. in the second half of 2021.

Shiba Inu has seen strong interest from retail crypto traders and the coin is currently not available to trade on many of the most well-known crypto trading platforms.

Coinbase Global Inc COIN announced plans to add Shiba Inu earlier this year to its Pro platform. The company saw strong demand and delayed the addition.

Voyager Digital Ltd VYGVF CEO Stephen Ehrlich offered to put the Shiba Inu coin on a Nascar car if the Shiba Army of holders signed up for Voyager accounts.

Robinhood Markets HOOD reported that Dogecoin represented 34% of cryptocurrency transaction revenue in the company’s first-quarter compared to 4% in the fourth quarter of 2020.

Having Dogecoin on its platform when many others didn’t allow trading could have provided a huge boost to Robinhood. Webull announced the addition of Dogecoin in April 2021 after strong demand from customers.

eToro will be one of the largest brokers to offer Shiba Inu, which could help the company boost its subscriber and revenue figures in 2021.

Price Action: FTCV shares trade down 0.098% to $10.19 on Friday.

Shiba Inu coin is trading at $0.000006156 Friday at publication. The coin hit a high of $0.0000388 earlier this year.