Brokerage app and trading platform eToro is set to go public through a merger backed by SoftBank and banking entrepreneur Betsy Cohen.

The company is valued at $10 billion, according to Reuters.

The deal will include a merger with SPAC and will allocate a $650 million private placement joint venture from investors including SoftBank’s Vision Fund 2, Fidelity Management & Research and Wellington Management.

“SPAC” is a company that specializes in providing services for funds listed on the stock exchange with the aim of offering other companies to the public, through mergers or acquisitions.

“DraftKings”, “Fisker” and “QuantumScape” were all launched to the public via “SPAC”.

Read:The Dubai Financial Services Authority announces a framework governing investment in digital tokens

Founded in 2007, eToro only expanded to the United States in 2018.

It currently has nearly 20 million users in 140 countries, including the United Kingdom, Australia, Germany and Switzerland.

The platform provides users with the ability to invest in stocks, exchange-traded funds, as well as cryptocurrencies, and is considered a competitor to the “Robin Hood” platform.

eToro describes itself as a “social trading” network.

The Copy People Trading option allows users to select the people who match their trading and investment needs, according to the platform’s website.

Uni Asia, CEO and lead founder of eToro, said in 2018:

Consumers around the world should have access to the tools they need to participate in the cryptocurrency markets, regardless of their experience.

Read:Coinbase Will Not Acquire 2TM Crypto Company…Details Here

Read also:

The digital currency ADA rises by more than 22% after announcing its inclusion on the “Coinbase Pro” trading platform

Elon Musk sells his first non-fungible NFT digital token… Details here