eToro Launches eToroX And Eight Other Stablecoins

eToro Launches eToroX And Eight Other Stablecoins

eToro’s Blockchain division has officially announced the the launch of a new Crypto exchange for pro trading through a press release published on the 16th of April.

eToro Launches eToroX And Eight Other Stablecoins

eToro Launches eToroX

eToro, a social trading platform, has announced the launch of eToroX which purports to be a fully regulated trading that is highly secure. The platform currently offers up to thirty seven trading pairs. It also allows for the conversion of six digital currencies into fiat currencies like the dollar, Swiss Franc and the Euro.

Among the digital currencies supported by the new platform include Ethereum (ETH), Dash (DASH), Bitcoin (BTC),

Litecoin (LTC), Ripple (XRP) and Bitcoin Cash (BCH). According to Doron Rosenblum, the new exchange’s managing director, there will be more trading pairs added onto the platform in the coming months. In addition to this, the managing director also said that the company will also be working with other Crypto exchanges, encouraging the listing of its stablecoins.

Additionally, the new trading platform has also launched 8 stablecoins that it is to issue and control. These stablecoins are backed by the United States Dollar (USDEX), the Euro (EURX), the Japanese Yen (JPYX), the UK Sterling Pound (GBPX), the New Zealand Dollar (NZDX), the Australian Dollar (AUDX), the Swiss Franc (CHFX) and the Canadian Dollar (CADX). eToroX has been regulated by the Gibraltar Financial Services Commission.

Blockchain Technology Will Soon Overtake Traditional Financial Services

The Crypto exchange’s chief executive officer and co-founder, Yoni Assia has said that the new exchange’s aim is to reach a wider range of investors using Crypto. He stated that by bringing digital currencies and tokenized assets to a wider range of investors, they would gain the courage to trade with confidence. He added that this would be the future of finance claiming that Blockchain will soon overtake traditional financial services through tokenization.

These claims show that the CEO holds the belief that with time financial services will be transferred to the Blockchain entirely as the technology continues to create a new paradigm for the ownership of assets. According to Assia, assets classes like art and property will soon also be tokenized. Most of eToro’s customer base is largely in the Middle East and Europe. Millennials seem to be predominantly the platform’s main users. Even though the platform has been in the market for a while now, Assia has stated that the newly launched platform will be key in attracting more experienced traders.

Last month, eToro officially announced the launch of its Crypto asset wallet and platform in the United States. Later on in the month, the exchange announced the acquisition of Firmo, a smart contracts development firm. According to the announcement, the main mission of the newly acquired firm is exploration and the addition of more tokenized assets.

More Stablecoins To Hit The Market

More stablecoins are set to hit the market in the coming days. Coinsquare, a crypto exchange based in Canada, has also announced its launch of a stablecoin pegged on the Canadian Dollar.

April 19, 2019

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Samantha Mitchell

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