Crypto-friendly trading platform eToro appears to exist making business firm moves toward achieving its goal of going public in the U.s..

According to a printing release issued on Tuesday, eToro is in talks with FinTech Acquisition Corp 5 — a special-purpose acquisition company, or SPAC, owned by veteran Philadelphia banker Betsy Cohen — toward a $10 billion merger.

Both companies are looking to raise equity to the tune of most $650 million to facilitate the deal. Softbank Vision Fund 2 and Fidelity Management and Research Company are among the investors slated to participate in this equity raise.

Fintech V also reportedly holds about $250 million equally greenbacks in trust raised dorsum in December 2020. Thus, pending any redemptions from FinTech V shareholders, the company formed by the merger will concord $800 one thousand thousand equally internet cash reserves on its balance sheet, which the primary executives say volition be earmarked toward future growth plans.

Every bit previously reported by Cointelegraph, eToro has been rumored to be mulling a public listing in the United States. At the time, there was some speculation nearly a possible initial public offer earlier the end of the 2nd quarter of 2021.

Commenting on the rationale for electing to get public via a SPAC merger, a corporate spokesperson for eToro told Cointelegraph:

"The SPAC road gave eToro the opportunity to partner with a sponsor who has deep expertise in the fintech infinite and an impressive runway record in partnering with companies who are looking to become public. It was the synergies we take with FinTech 5 that meant we chose to pursue this pick for going public."

The eToro representative also confirmed to Cointelegraph that the entity resulting from the merger will be chosen eToro Group Ltd., and will exist listed on the Nasdaq.

EToro is now the latest firm involved in cryptocurrencies to be in talks regarding a merger with a SPAC in the The states. Earlier in 2021, Intercontinental Commutation-owned Bitcoin (BTC) futures platform Bakkt was reported to exist working toward a $2.1 billion SPAC merger.

Apart from existence a regulated entity in Europe, Australia, Gibraltar and the U.k., eToro also received a broker-dealer license from the U.Due south. Financial Industry Regulatory Authority dorsum in 2019.

Since starting with Bitcoin trading via contracts for differences back in 2013, eToro has expanded its crypto exchange service to include other cryptocurrencies like Ether (ETH) and Litecoin (LTC). According to CEO Yoni Assia, crypto trading on eToro grew 25-fold yr-on-year in 2020.

Following a lawsuit filed past the U.S. Securities and Exchange Commission against Ripple, the social trading platform delisted XRP from its crypto offerings in the U.S. i Dec 2020.