Trading platform eToro reported its second-quarter results this week that revealed commission from crypto trading to be $264.2 million, an increase of 23x compared with $11.2 million in the Q2 of the previous year.

Crypto represented 73% of total trading commissions in Q2 compared to a mere 7% in Q2 of 2020.

When it comes to particular crypto assets, XRP is the one bringing in the most commission for eToro out of all the crypto assets along with ETH and ADA, “reflecting strong interest from retail investors in crypto markets.”

Bitcoin, which accounted for the most trading volume, only contributed 7% to total crypto commissions, even less than DOGE, which was added to the platform only in May.

Last quarter, eToro added ten new crypto assets, including Shiba Inu, and launched ETH 2.0 staking offering.

“The rise in self-directed investing and eToro’s growth are underpinned by long-term secular trends in investor behavior,” said Yoni Assia, CEO, and co-founder of eToro, in a statement.

Overall, the company reported $362 million in total trading commissions, up from about $161 million in the same period last year, and a net trading income of $290 million.

Additionally, eToro processed 127 million trades in Q2 of this year, up from 74 million from the previous year.

In Q2 of 2021, the company still posted a net loss of $89 million due to a non-cash charge of $71 million in stock-based compensation for its employees. Also, eToro incurred a $36 million transaction cost for its future merger with a special purpose acquisition company (SPAC), FinTech Acquisition Corp. V.

Back in May, the firm announced its plans to go public via a SPAC that gave it a valuation of $10.4 billion and a commitment for a $650 million private placement from investors including Fidelity Management & Research Company, Third Point LLC, SoftBank Vision Fund 2, Wellington Management, and ION Investment Group.

eToro added 2.6 million new clients in the second quarter, bringing its total users to 23.2 million at the end of June. The company saw an increase of 121% from the same period last year but added 500,000 fewer users than it did in the first quarter of 2021.

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