The CEO and founder of crypto exchange eToro says the company is exploring a partnership with Ripple.
Yoni Assia says he met with Ripple CEO Brad Garlinghouse at the Paris Fintech Forum to discuss how the two companies can collaborate.
“I think as a fintech company it’s very important for us to foster relationships with other fintech companies. Obviously, we’re one of the largest trading platforms on XRP – so very interested in forming a relationship with Ripple Labs and understanding what we can do together.”
Ripple has already partnered with crypto exchanges Bittrex, Coins.ph, Bitso and Bitstamp. The platforms will help power Ripple’s cross-border payment solution xRapid, which is designed to utilize XRP to move value across borders. Binance CEO Changpeng Zhao recently said he also wants to partner with Ripple and boost xRapid.
According to Zhao,
“We’re focused on launching more features right now, so we are working with a number of other partners. With xRapid, there’s nothing going on right now, but in the future we’ll definitely want to add them as a partner.”
As for the future of finance at large, Assia says he believes every asset in the world will be tokenized, giving people the power to move their assets in an instant.
“I believe fintech, and specifically blockchain, is going to disrupt the financial services and specifically asset management industry because all of the assets in the world will eventually get tokenized. So they will transform into digital assets that are transferable on a global scale. Which basically means we’re going to re-computerize or re-digitize the entire wealth management industry. And that is going to bring a lot of opportunities to fintech startups and to companies that can manage blockchain assets.
Today, when you buy a specific asset in your bank, it’s very hard to move that asset out of the bank. So if it’s your mortgage or if it’s stocks or bonds, it’s not that trivial. Especially not overseas. So by definition you can’t tell your bank, ‘You know what, give me my Apple shares.’ It’s not transferrable to you. You can tell them, ‘Move it to another financial institution.’ The biggest difference in tokenized assets is that you’re able to transfer them to your own potential wallet. And that means it’s just faster. You can transfer them within a day or in real time. And that means people will be able to move assets from one company to another and sell it from one company to another seamlessly and in real time.”
Founded in Tel Aviv in 2007, eToro is a trading and investment platform that allows users to trade cryptocurrencies, fiat currencies, commodities, indices and stocks. It first offered Bitcoin trading in 2013 via derivative trading (CFDs), and later added support for Ethereum, XRP, Litecoin and other top cryptocurrencies. As a social trading network, eToro allows users to watch and copy trades of other users. The platform reports having 9 million customers in over 140 countries.