Another cryptocurrency exchange announces move to Miami

MIAMI — Less than 48 hours after one cryptocurrency exchange announced it would move its U.S. headquarters to Miami, another said it, too, is creating a Miami presence.

eToro, the world’s second-largest exchange by number of weekly visitors, announced it had begun scouting office space for a 50-person U.S. hub that will share duties with its current U.S. location in Hoboken, New Jersey.

The announcement by eToro follows the news that top 15 exchange will be moving its U.S. headquarters from New York to Miami, with plans to create 300 jobs over the next 18 months.

And it comes on the day about 15,000 crypto aficionados gathered at the Mana Wynwood convention space to attend Bitcoin2021, billed as the world’s largest-ever Bitcoin conference.

Guy Hirsch, U.S. managing director for eToro, said the move was motivated by the volume of players in both traditional finance and cryptocurrency who are now “flocking” to Miami, as well as the push by Miami Mayor Francis Suarez to make Miami a tech hub.

“Following these trends, we decided to leverage this great phenomenon and join the city by opening an office in the Miami area,” Hirsch said.

With more than 19 million weekly visitors, eToro, based in Israel, trails only Binance, currently domiciled in the Cayman Islands, as the world’s most popular cryptocurrency exchange.

“eToro’s commitment to Miami furthers the narrative that this is not a moment but a movement, and we are on our way to becoming the ‘Capital of Capital,’ ” Miami Mayor Francis Suarez said in a statement.

The price of Bitcoin hit approximately $37,000 Friday — down from a high of more than $60,000 in April.