eToro Teams Up with Tangany for Crypto Custody Solutions
eToro has recently entered a significant partnership with Tangany. eToro is a renowned global trading and investment platform. Tangany is a Munich-based fintech company specializing in crypto custody solutions. The partnership aims to strengthen eToro’s crypto asset custody services for German users.
eToro Teams Up with Tangany – The Collaboration
The partnership will begin at the end of January 2024. Tangany will now manage the security and storage of cryptocurrencies for eToro’s German clients. Please note that after this transition, it will be impossible to transfer crypto assets such as NEO, FIL, THETA, and LUNA.
Cryptocurrency holders on eToro must sell or close their positions by a set deadline. Assets will be sold at market value if not retrieved. Standard fees will be applied, and eToro will credit the proceeds to the user’s account. Additionally, (M)IOTA holders can convert these proceeds into Wrapped IOTA on the Binance Smart Chain.
What Crypto Traders Can Expect?
The partnership will significantly benefit eToro’s users in Germany:
Enhanced Security for Digital Assets
Tangany is a BaFin-licensed custodian that manages crypto assets. Traders and investors can expect enhanced security with it. It will significantly reduce the risk of theft or loss of digital assets.
Compliance with Regulatory Standards
Germany has a rigorous regulatory framework for crypto custody, and this partnership addresses this. Traders and investors will have their digital assets managed in compliance with financial laws and regulations.
Streamlined Crypto Transactions
The integration of Tangany’s custody services will offer more streamlined and efficient management of crypto assets. It will benefit active traders requiring quick and reliable access to their assets.
Technological Advancements
eToro’s users will likely have access to some of the latest advancements in digital asset security and management with Tangany’s technological innovation.
About eToro
eToro offers services across various financial markets. It is a Crypto Asset Service Provider recognized by the Cyprus Securities and Exchange Commission (CySec). eToro recently received approval from the Abu Dhabi Global Market (ADGM) to operate as a broker in securities, derivatives, and crypto assets. It will broaden its global reach and offer diverse financial services.
About Tangany
Tangany provides crypto custody services. It is identified by BaFin (Federal Financial Supervisory Authority), Germany’s financial regulatory authority. Tangany specializes in offering white-label solutions, pivotal for financial service providers looking to integrate secure crypto custody into their services. In partnership with eToro, Tangany will deliver cutting-edge, secure, and reliable custody services for cryptocurrencies.
Looking Ahead
The partnership sets a precedent for other market players in Germany, contributing to a more secure and regulated digital asset market. This collaboration will enhance the security and efficiency of cryptocurrency transactions and storage for eToro’s clientele in Germany.
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