eToro收购TradeZero，拓展美国市场

The numbers. You were saying you had a good quarter. And this is an acquisition that you think is is a right. The right move obviously at the time. What's the market getting wrong about this? Well, uh, you know, I can control the markets. I can control the business. Uh, Q2 was under beat quarter, uh, grade 9% growth year over year of both uh, top line and bottom line, 18%, uh, exceeding actually market expectations of funded accounts.

Huge roadmap coming in uh, across I in the company we actually released, uh, a new app which is taking the old app and rewritten 100% with I with a focus and center around to your agent, which is the Grok Frontier model. And, uh, we were talking about then people tone from trade zero and the team a great team joining us here in the US to lead eToro. Uh, in the US with the Trade Zero acquisition. Yeah. Let's talk about the trades.

Your acquisition. Yeah. Dad's been on our program. I used to speak to him all the time just a few years ago. Uh, so certainly a familiar name to our audience. Why buy trade zero rather than build something internally like what does bringing on trade zero do for eToro that you couldn't offer us customers before? So when you look at our business, the vast majority of our businesses outside the US, we have a huge franchise Europe, UK, uh, Australia, Singapore, Abu Dhabi, uh, and the US a bit got left behind sort of the rest of the world for us, where the big part of the business is, uh, what this brings is one a great team based here in Brooklyn, uh, in the US with a significant, also franchise, $80 million revenues, uh, and a lot of knowledge and experience in US capital markets, infrastructure.

So a lot of the great products that we actually have outside the US, which include leverage stock trading, uh, long, short, uh, on top of long short trading, we actually created quantitative smart portfolios which create hedge fund like strategies, uh, market neutral strategies outside the US. So all of these products operate and work for eToro outside the US. Uh, and we believe that together with Trade Zero, we can actually bring all of these products, including futures trading, which is a lot of our customers were trading oil, gold, silver during Q1, Q2, uh, during Q4, Q1.

Uh, so all of these products will now be enabled to our customers through the integration with three zero. Yeah. How are you planning to kind of differ your approach to when it comes to dealing with your international crisis? You know, I lived in London for almost ten years, and the average retail investor there tends to be more conservative. They tend to prefer physical assets, whereas U.S. investors are really just very much into this.

And so yeah, how would you kind of differ the approach, uh, now that we're looking at a broader base of international clients. So I think this actually shows the huge opportunity that we have. Right. So so it has been hugely successful outside the US in places like Germany, Spanish, France, Italy, the U.K., uh, across multiple by the way, both geographies and products, 24 over seven trading of both stocks from 26 different capital markets of commodities, indices, currencies as well as investing copying the top three as are all around the world.

We actually feel our products have a huge untapped market here in the US. Uh, but until 2025, until the IPO, basically we just took a step back. We did actually for also the crypto environment to be the right environment here in the US. And together with the Trade Zero acquisition, we were going to double down on the US market, introducing R us customers and US customers to basically the global community and the collective intelligence.

Uh, in eToro you mentioned I and one thing that we're increasingly hearing more about is a gigantic trading. Uh, there was a great piece in Bloomberg just last week, uh, big take everybody to check it out if they haven't already. About the way that some retail traders are harnessing this technology. eToro is allowing customers to use AI agents to trade autonomously, but that's within certain defined parameters. Give us an update on adoption and activity that you're seeing thus far.

So first of all, just yesterday, uh, we launched, uh, uh, an official connector to grok. So we have a great partnership with SpaceX. You can actually go now to grok and click uh search for eToro. Connect your eToro account. Click uh. It opens basically in eToro single sign on. And then grok suddenly has visibility into your entire portfolio, into the portfolio of all of the rest of the traders in eToro and into the X feeds.

So you can ask something like, uh, uh, look at my look at my portfolio, look at my ex-post. Tell me what I'm missing in my portfolio. Now we've launched Toria own agent, uh, a while back, which is also based on grok. We launched also now Claud m.c.p.s. And we are seeing more and more users are actually connecting. I there was one missing piece which we launched about two months ago, which is sub accounts, or we called it Agent Portfolios.

A lot of people, including myself, were afraid to connect their entire account into IE. Uh, now you can actually connect it just to a sub account to an agent portfolio and say, let's say I have $100,000 in my portfolio, I want $5,000 invested, and I want this now agent to manage my portfolio autonomously. Now, the beautiful thing about the agent is they never sleep. Uh, you can train them basically on everything. My.

By the way, agent, uh, goes every day to universities across the globe, downloads research papers on behavioral economics, connects the data in eToro, and runs back tests, uh, on on an actual proprietary data of eToro. So we're seeing things that up until two years ago. Only people in places like, you know, Renaissance and Millennium could do. Suddenly we're doing it with our own quants, and we're building those tools for our customers to run basically quantitative trading in a generic trading as well.

I believe this is just the beginning of that, and that is going to actually surpass the amount of trading activity of people only tomorrow by the end of next year. Wow. Okay. Yeah. All right. Well let's talk about prediction markets as well because that's another growth area for a lot of companies like eToro uh is surging in popularity. What sort of opportunity does that present for your company moving forward? So we announce another acquisition in Q2, which is then go.

It's a non-custodial wallet, uh, outside in the US. It's a it's a great opportunity, a regulated market, uh, outside the US. A lot of the prediction markets actually operate in the DeFi world, uh, in non-custodial wallets. Uh, Zango uh, is, uh, from actually run by a great founder that, uh, was actually a VC that I pitched eToro to 20 years ago. Um, and, and now sort of, uh, working together, we've launched prediction markets in the DeFi model, uh, in a non-custodial wallet.

It took us, by the way, two weeks from, uh, closing the acquisition to actually launch the SSL connector, uh, to basically the non-custodial world so you can transfer money seamlessly from basically editorial account into a non-custodial wallet, and then actually trade tens of thousands of crypto assets through DeFi swaps, versus only 200 on eToro. But 200 is actually a lot. Uh, and of course, uh, new markets such as prediction markets and coming in perpetual as well.

Uh, how does it differ? How do you distinguish, at least in the US, between what maybe call she and Poly Market are doing with prediction markets? And I mean this is a really crowded space. Um, first of all, nothing is really crowded when you think of the entire town rights of the entire town. We're still very, very early stages of the largest transformation of wealth in history. Do you think that we're talking about $100 trillion moving from older generations to younger?

That's. Yeah, that's outside of I'm just prediction. But I mean, that's that's the whole great wea

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