eToroX Launches Crypto Exchange Supporting 8 Fiat-Stablecoins And 6 Cryptos

eToroX, the blockchain and tokenized asset subsidiary of European brokerage company eToro, has announced the launch of its crypto exchange platform.

eToroX crypto exchange screenshot

At launch, the trading venue will support eight
fiat-stablecoins, namely 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), and
eToro Canadian Dollar (CADX); and six cryptocurrencies, Bitcoin, Ethereum,
Ripple, Dash, Bitcoin Cash and Litecoin; for a total of 37 trading pairs, the
company said on Tuesday.

“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,” said Doron Rosenblum,
managing director of eToroX.

eToro and its co-founder and CEO Yoni Assia have been
involved in blockchain since 2012 with Colored Coins, a class of methods for
representing and managing real world assets on top of the Bitcoin blockchain. Examples
include a deed for a house, stocks, bonds or futures. The technology can also
be used to track and register intellectual property assets.

eToro, a social trading and brokerage company originally
from Tel Aviv, was one the first regulated financial companies to offer crypto,
allowing users to trade Bitcoin in 2014. Today, the eToro platform supports 15
cryptoassets and offers several crypto CopyPortfolios, trading strategies curated
by eToro’s own analysts that bundle multiple cryptoassets.

In March, eToro acquired
Danish startup Firmo, which has developed a platform to securely deploy
financial contracts that can work with any blockchain. The company is
also an investor
in CoinDash, a startup building a blockchain-based
platform that combines portfolio management and social trading functionalities.

“This is the future of finance. Blockchain will eventually ‘eat’
traditional financial services through tokenization,” said Assia. “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.”

eToro established its digital asset subsidiary eToroX last
year. The company is responsible for “defining and executing eToro’s vision
around blockchain and the development of cryptoassets.” In particular, it is
building a product range and infrastructure centered on tokenized assets.

eToroX was
 a distributed ledger technology (DLT) license from the
Gibraltar Financial Services Commission (GFSC) in December 2018.

Assia concluded:

“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 intellectual property.”

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