Social trading and brokerage company eToro has launched its own cryptocurrency exchange through its blockchain division, eToroX. Top cryptocurrencies by trading volume will be available on the platform, including Bitcoin, Ethereum, Ripple, Litecoin, Dash and Bitcoin Cash.
In addition to six of the leading cryptocurrencies, eToroX offers eight fiat-stablecoins and 37 trading pairs including BTC-USD, allowing users to convert BTC, ETH, XRP, LTC, DASH and BCH to fiat currencies such as the US dollar, euro and Swiss franc. It also offers a regulated cryptocurrency wallet that may be accessed through mobile devices.
Doron Rosenblum, managing director of eToroX says,
“In the coming weeks and months we will add more cryptoassets, stablecoins and tokens to the exchange and will work with other exchanges to encourage them to list our growing range of stablecoins.”
- eToro New Zealand Dollar (NZDX)
- eToro Japanese Yen (JPYX)
- eToro Swiss Franc (CHFX)
- eToro United States Dollar (USDEX)
- eToro Euro (EURX)
- eToro Pound Sterling (GBPX)
- eToro Australian Dollar (AUDX)
- eToro Canadian Dollar (CADX)
eToro plans to offer more digital assets in the future.
"We're launching now 8 new stable coins, which are the most traded currencies in the world."
"We will continuously innovate @eTorox to add more features and more assets."
— Mati Greenspan [tweets are not trading advice] (@MatiGreenspan) April 16, 2019
In March eToro announced the acquisition of smart contract startup Firmo to accelerate the growth of its tokenized assets.
The Copenhagen-based startup uses underlying technology designed to allow eToro to securely deploy financial contracts while supporting a number of blockchain platforms, including Ethereum, EOS and NEO.
Says eToro CEO and founder Yoni Assia,
“We believe that we will see the greatest transfer of wealth ever as financial services move onto the blockchain. The blockchain brings transparency and a new paradigm for asset ownership. In time, we will see the tokenization of all traditional asset classes, as well as the emergence of new asset classes such as tokenized art, property or even IP. Cryptoassets are just the first step on this journey and we are excited to explore the opportunities offered by tokenization with the launch of our exchange.”
The newly launched exchange is managed by eToro’s tokenized assets subsidiary eToroX, one of the first companies to be certified as a regulated distributed ledger technology provider by the Gibraltar Financial Services Commission.
The social trading platform currently has 10 million registered users who share investment strategies, allowing other users to follow the approaches of successful traders and investors.