Social trading and multi-asset brokerage company eToro just announced the launch of its own exchange platform for cryptocurrencies. Known as eTorox, the platform will have around 37 crypto-to-fiat asset pairs.
Described as “a secure and regulated trading venue offering a range of crypto assets as well as a suite of stablecoins”, eToroX joins the long list of crypto exchange platforms on a mission to revolutionize the global financial sector.
However, eToroX will only support around 16 financial instruments at launch:
- 8 fiat-based stablecoins (Canadian dollar, U.S dollar, Swiss franc, Pound Sterling, New Zealand dollar, Japanese yen, euro, and the Australian dollar)
- 2 metal-based stablecoins (gold and silver)
- 6 cryptocurrencies (Bitcoin, Ripple, Litecoin, Dash, Bitcoin Cash, and Ethereum)
The mother company, eToro, was founded in 2007 with the aim to facilitate transparent trade and investment for anyone in the global financial market. With the addition of its own decentralized platform, the whole entity is now known as eToro Group.
In the other hand, eToro’s blockchain story began in 2012, when the company started working with colored coins. Additionally, eToro quickly joined the trend and became one of the few financial entities to offer digital currencies to its clients back then.
” Just as eToro has opened up traditional markets for investors, we want to do the same in the tokenized world. We want to bring crypto and tokenized assets to a wider audience, allowing them to trade with confidence. This is the future of finance. Blockchain will eventually ‘eat’ traditional financial services through tokenization.”
said the company’s Co-founder and Ceo, Yoni Assia, as he believes that eToro Group could help in advancing crypto mass adoption.
Located in Cyprus, Isreal and the United Kingdom, eToro is one of the few multinational companies to be recognized as a regulated Distributed Ledger Technology provider.
” We are proud to be one of the first companies in the world to obtain a license for crypto assets, and one of only a handful of regulated exchanges in the crypto space”
Explained Doron Rosenblum, eToroX Managing Director, as he referred to the license obtained from the Gibraltar Financial Services Commission (GFSC). He would go on to conclude by assuring that
” In the coming weeks and months we will add more crypto-assets, stablecoins, and tokens to the exchange and will work with other exchanges to encourage them to list our growing range of stablecoins.”
The eToro Group emergence in the crypto world is definitively great news for DLTs, as though the company’s massive user base, we will surely see a boost in crypto mass adoption upward trend.