eToro CEO谈收购TradeZero及AI交易布局

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I'm looking at shares of E Toro Group. They're lower today, actually having the biggest decline ever, down about 13%. This after the fintech company reported revenue from crypto assets for the second quarter that missed the average analyst estimate. Also big news, it announced to buy Trade Zero based in Brooklyn for up to $231 million. We've got with us Yoni Assia, the CEO of E Toro. He's back with us here in the Bloomberg Business Week studio.

So, the numbers you were saying you had a good quarter and this is an acquisition that 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't control the markets. I can control the business. Uh Q2 was another beat quarter. Uh great 9% uh growth year-over-year of both uh topline and bottom line. 18% uh exceeding actually market expectations of funded accounts. Huge roadmap coming in uh across AI in the company. We actually released uh a new app which is taking the old app and rewritten 100% with AI with AI focus and center around Tory AI agent which is the Gro frontier model and uh we were talking now about Denip Patone from Trade Zero and the team a great team joining us here in the US to lead it to Toro uh in the US with the trade zero acquisition.

Yeah, let's talk about the trade zero acquisition. Dan'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 E Toro that you couldn't offer US customers before?

So when you look at our business, the vast majority of our business is 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 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 it 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, Q uh during Q4 Q1.

Uh so all of these products will now be enabled to our customers through the integration with Trade Zero.

Yeah. How are you planning to kind of differ your approach when it comes to dealing with your international clients? Because you know I lived in London for almost 10 years and the average retail investor there tends to be more conservative. they tend to prefer physical assets whereas US 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 I think this actually shows the huge opportunity that we have right so it has been hugely successful outside the US and places like Germany Spanish France Italy the UK uh across multiple by the way both geographies and products 247 trading of both stocks from 26 different capital markets of commodities, indices, currencies as well as investing, copying the top trades 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 waited actually for also the crypto environment to be the right environment here in the US and together with a trade zero acquisition we were going to double down on the US market introducing our US customers and US customers to basically the global community and the collective intelligence uh in it Toro

you mentioned AI and one thing that we're increasingly hearing more about is agentic trading uh there was a great piece in Bloomberg just last week uh a big take. Everybody should check it out if they haven't already about the way that some retail traders are are harnessing this technology. ETO 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, uh first of all, just yesterday uh we launched uh an official connector to Grock. So, we have a great partnership with SpaceX. You can actually go now to Grock and click uh search for it Toro connect your e Toro account click uh it opens basically an e Toro single signon and then Gro suddenly has visibility into your entire portfolio into the portfolio of all of the rest of the traders in it Toro and into the X feed.

So you can ask something like uh uh look at my port look at my portfolio look at my expost tell me what I'm missing uh in my portfolio. Now we've launched Tori our own AI agent uh a while back which is also based on grock. We launched also now claude MCPS and we are seeing more and more users are actually connecting AI. 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 AI. 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 AI agent to manage my portfolio autonomously. Now the beautiful thing about AI agent is they never sleep. Uh you can train them basically on everything. My, by the way, AI agent uh goes every day to universities across the globe, downloads research papers on behavioral economics, connects the data in it Toro and runs back tests uh uh on on on actual proprietary data of it Toro.

So we're seeing things that up until 2 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 and agentic trading as well. I I believe this is just the beginning of that and that is going to actually surpass the amount of trading activity of people on it Toro 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 E Toro uh surging in popularity. what sort of opportunity does that present for your company moving forward?

So, uh we announced another acquisition uh in Q2 which is Zeno. It's a non-custodial wallet uh outside in the US. It's a it's a great opportunity. It's 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 Zeno uh is a firm actually run by a great founder that uh was actually a VC that I pitched DTORo to 20 years ago. Um and and now sort of uh working together, we've launched prediction markets in a DeFi model uh in a non-custodial wallet.

It took us, by the way, 2 weeks from uh closing the acquisition to actually launch the SSO connector uh uh to basically the non-custodial wallet. So you can transfer money seamlessly from basically your Toro account into a non-custodial wallet and then actually trade tens of thousands of crypto assets through DeFi swaps versus only 200 on it Toro. But 200 is actually a lot. Uh uh and of course uh new markets such as prediction markets and coming soon perpetuals as well.

Uh how does it diff how do you distinguish at least in the US between what maybe KHI and poly market are doing with prediction markets

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