By eToro’s blockchain subsidiary recently launched a cryptocurrency exchange as well as eight new branded stablecoins.
The new platform is being managed by eToroX, which is under regulation by the Gibraltar Financial Services Commission, as announced by the firm on Tuesday.
Upon launch trading in six cryptocurrencies will be on offer and this includes Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), XRP, Litecoin (LTC) and dash. Also available upon launch are 37 crypto-to-fiat pairs, such as BTC/USD and XRP/GBP.
In addition to this the firm is also issuing eToro-branded tokens which are pegged to eith fiat currencies, including the eToro United States Dollar (USDEX), eToro Japanese yen (JPYX) and eToro Euro (EURX) with others available for the various pounds, including Australian, Canadian and New Zealand dollars; and the Swiss franc.
In the coming weeks, the exchange will be adding more cryptocurrencies, stablecoins and tokens according to Doron Rosenblum, eToroX managing director, adding that the firm will work closely with other crypto exchanges in order to “encourage” them to list its stable coins.
Yoni Assia, eToro CEO & co-founder said:
“Just as eToro has opened up traditional markets for investors, we want to do the same in the tokenized world. […] Blockchain will eventually ‘eat’ traditional financial services through tokenization.”
Assia stated that the “greatest transfer of wealth” will take place as financial services move onto the blockchain adding that the tokenization of traditional asset classes which includes art, property and even intellectual property will eventually take place.
Just last month, eToro also launched a crypto buying and selling platform and wallet service in the US. This platform enables consumers in 32 states and territories with the ability to trade 13 cryptocurrencies. Lastly, the firm also expects to launch multi-asset trading in the first quarter of 2020.
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