The cryptocurrency-friendly eToro trading platform seems to be taking decisive steps towards the goal of becoming public in the United States.

According to a press release on Tuesday, eToro is in talks with FinTech Acquisition Corp V, a specialty acquisition company, or SPAC, owned by Philadelphia veteran banker Betsy Cohen, for a $ 10 billion merger.

Both companies want to raise capital of around $ 650 million to facilitate the agreement. Softbank Vision 2 and Fidelity Management and Research Company are among the investors who plan to participate in the capital increase.

Fintech V reportedly also has about $ 250 million in mutual funds that were raised again in December 2020. Pending any redemptions from FinTech V shareholders, the merged company will maintain a net cash reserve of $ 800 million in the budget. Society. Managers say this will be for future growth plans.

As Cointelegraph previously reported, it is rumored that eToro is considering a listing in the US. At that time, there were rumors of a possible stock exchange listing before the end of the second quarter of 2021.

An eToro spokesperson told Cointelegraph about a comment on the case to be made public through the SPAC merger.

“The SPAC program gave eToro the opportunity to work with a sponsor with deep fintech experience and documented experience working with companies that want to go public. About the audience. ”
An eToro spokesperson also confirmed to Cointelegraph that the legal entity will be named eToro Group Ltd. as a result of the merger. and will be listed on the Nasdaq Stock Exchange.

EToro is now the latest company to participate in cryptocurrency merger negotiations with SPAC in the United States. Earlier in 2021, it was reported that the Bitcoin (BTC) trading platform, owned by the Intercontinental Exchange, was working on a $ 2.1 billion SPAC merger.

In addition to being a regulated entity in Europe, Australia, Gibraltar and the United Kingdom, eToro also received a broker and dealer license from the US Financial Industry Regulatory Authority in 2019.

Since it began trading Bitcoin CFDs in 2013, eToro has expanded its currency exchange service to include other cryptocurrencies such as Ether (ETH) and Litecoin (LTC). According to CEO Yoni Assia, cryptocurrency trading on eToro has grown 25 times in 2020 compared to the same period last year.

Following the US Securities and Exchange Commission’s lawsuit against Ripple, the social trading platform XRP removed from its US cryptocurrency offer in December 2020.