Crypto grew to represent 73% of trading commissions on pop retail trading app eToro in the 2nd quarter.

eToro announced its Q2 results on Aug. 25, with the firm posting $362 million worth of total trading commissions and reporting its assets under assistants had reached $9.iv billion.

In an investor update released on the aforementioned 24-hour interval, the house outlined that crypto-assets accounted for 73%, or $264.26 million of commissions, which marked a massive 2259% increase compared to the $eleven.ii million reported in Q2 2022.

Overall trading volumes are up 125% on Q2 2022, with Yoni Assia, the CEO and co-founder of eToro noting in the announcement that the growth was "underpinned past long-term secular trends in investor beliefs" and enabled past providing "simple access" to crypto via a user-friendly mobile interface forth with financial education. The announcement read:

"Cryptoassets drove total commissions in the 2d quarter of 2022 reflecting strong involvement from retail investors in crypto markets. Interest was diversified beyond the cryptos offered by eToro with the highest trading volumes in BTC, XRP, ETH, ADA and DOGE."

The platform's trading activity has evolved drastically over the by twelve months. In Q2 2022 data shows crypto represented merely 7% of commissions, while commodities and equities dominated with 45% and 41% respectively. By Q2 this twelvemonth, bolt only accounted for only 7% and equities represented eighteen%.

Related: 62% of Robinhood'due south Q2 crypto revenue was from Dogecoin trading

eToro also posted big increases in other areas in Q2, as internet trading income totaled $291 million which marked a growth of 136% compared to last yr. The user base of operations also saw a meaning boost, with 2.half-dozen meg new registered users, upwards 121% compared to Q2 2022.

The platform is fix to go public on the Nasdaq exchange via a $10 billion special purpose conquering deal (SPAC) slated to shut this quarter.

Despite posting impressive growth, the house reported negative cyberspace income of $89 million, which was attributed to a "not-cash charge of $71 million in stock-based compensation" to employees and $36 million in transaction costs related to the SPAC merge with FinTech Acquisition Corp. 5