Episode Details

eToro customers are "definitely moving away from crypto," according to the company's founder and chief executive, Yoni Assia. After more than a decade at the forefront of digital assets, Assia says customers are increasingly shifting towards mainstream investing and cash savings, as eToro expands beyond its trading platform into broader financial services. The company, which manages around $20 billion in customer assets for more than 40 million registered users, is pursuing a UK banking licence, launching a Visa debit card and expanding into everyday banking services.

Assia also discusses how eToro balances that expansion with its continued offering of cryptocurrency trading. Alongside ISAs and long-term savings products, the platform continues to offer access to crypto assets. Asked whether it is appropriate to offer highly speculative crypto products alongside mainstream savings, Assia said he believes customers should have choice, while acknowledging that the crypto market is "a much less regulated" and "much riskier" ecosystem than traditional capital markets.

The conversation also covers the growth of meme coins. Assia says he bought Donald Trump's cryptocurrency after it was listed on eToro. Asked whether he had made or lost money on the investment, he said he had not checked. Assia also highlighted the scale of the market, noting that while there are around 40,000 publicly listed companies worldwide, roughly 40,000 new meme coins are created every day on the Solana blockchain. He contrasted the level of regulation and disclosure required of listed companies with that of meme coins.

Artificial intelligence is another topic discussed in the interview. Assia says eToro rebuilt its new app in six months using code written entirely by AI and believes the company's AI assistant is already capable of providing financial guidance that rivals many human advisers. He also discusses how AI could change the way people manage their money and how established financial institutions may need to adapt.

The interview concludes with Assia's view of longer-term changes in financial services, including what he describes as a $140 trillion intergenerational transfer of wealth from baby boomers to younger generations. He explains why he believes younger investors will increasingly use AI-powered financial platforms, while also moving towards more traditional savings and investment products as they accumulate wealth.

Presenter: Sean Farrington Producer: Olie D'Albertanson Editor: Henry Jones

00:00 Introduction 02:00 The shift from crypto to banking 06:40 The rebrand and building an entire app with AI 09:00 Customers moving away from crypto and the boom-bust cycle 13:30 Bitcoin, quantum computing and the AI threat 17:28 Trump's meme coin and the losses suffered by investors 21:52 The copy trading transparency problem 24:30 The cost of living and whether ordinary people can afford risk 27:30 AI versus the traditional financial adviser 31:40 The $140 trillion generational wealth transfer