Trading platform eToro reported its total trading commissions were $362 million in the second quarter of 2021, which is up 125% from the second quarter of 2020.
Cryptocurrencies accounted for 73% or $264.26 million of the total commissions in Q2 2021, while in Q2 2020, cryptocurrencies accounted for only 7% or $11.2 million.
“Cryptoassets drove total commissions in the second quarter of 2021, reflecting retail investors’ strong interest across the cryptos offered by eToro with the highest trading volumes in BTC, XRP, ETH, ADA and DOGE,” the company’s CEO Yoni Assia said in a letter to investors.
As per the report, for the total cryptocurrency commissions, XRP accounted for the highest share, representing 16%. In terms of trading volume, Bitcoin accounted for the lion share representing 20%.
According to the investor update, the company stated that it expanded its cryptocurrency-related services by adding 10 new crypto assets in recent months including the popular Dogecoin and Shiba Inu. This brought the total number of crypto assets available across the eToro platform and exchange to 29.
The platform added 2.6 million new registered users in the quarter, compared with 1.2 million a year ago. Alongside that came a surge in overall trading volume, with eToro executing 127 million trades in the second quarter, up 72% from 74 million a year ago.
The company had 23.2 million total users as of June 30, 2021.