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eToro delisted from Nasdaq

 


eToro and FinTech Acquisition Corp V have mutually decided to cancel a merger agreement announced in March, also canceling plans for a public listing of eToro. The reason for this is “external circumstances”.


Since the agreement between eToro and FinTech Acquisition Corp V did not come about, there is also no termination fee. The merger was first announced in March 2021 and the deadline for closing the deal was June 30

Commenting on this development, Yoni Assia, co-founder and CEO of eToro states: “While it is not the expected outcome of this process, eToro's underlying business remains healthy . Our balance sheet is strong and we will continue to strike a balance between growth and profitability going forward. We end Q2 2022 with approximately 2.7 million funded accounts, an increase of over 12% from the end of 2021. This shows that customer acquisition and retention rates have improved over time.”


Fintech Acquisition Corp V acquisition firm deals specifically with mergers, capital exchanges, asset acquisitions and stock purchases in the fintech industry . This type of company is also known as a blank check company.


Both companies will be disappointed with the bottom line, but the crypto market has seen far worse events lately. eToro also appears to be feeling the effects of the recent market crash as the company laid off 100 employees. That is about 6% of the workforce.


Mergers and acquisitions abound in the crypto market

The number of mergers and acquisitions in the crypto market has steadily increased over the past few years. However, this development is perfectly natural in a growing market when many companies are seeing exponential increases in value.


Silvergate 's acquisition of Meta's stablecoin Diem is one of the most prominent examples, although not exactly the traditional crypto market. Coinbase has also acquired crypto security company Unbound to increase its own security.


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