eToroX, the blockchain division of social trading platform eToro, announces launch of new cryptocurrency-only exchange desk for pro traders.
eToroX, the blockchain division of Tel Aviv-based social trading platform eToro, has announced the launch of a new cryptocurrency-only exchange desk for pro traders.
eToroX was officially launched yesterday at the Paris Blockchain Week Summit.
Trading in six major cryptocurrencies is supported: Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Litecoin (LTC), Ripple (XRP) and Dash (DASH). Interestingly, it also supports eight fiat-backed stablecoins issued and managed by eToroX, pegged to the US Dollar, Euro, UK pound sterling, Japanese yen, Canadian Dollar, Australian Dollar, Swiss franc and New Zealand dollar.
According to the company, including all the cryptos and stablecoins, 37 different trading pairs are available, including BTC – USD and XRP – GBP.
Commenting on the launch eToro CEO, Yoni Assia, said:
“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.
“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 people.”
The original eToro platform currently supports investments in 15 cryptocurrencies, which include the biggies but also EOS, NEO and Stellar Lumens, and the firm has confirmed that more crypto assets (maybe including the three just mentioned?), will be added to its new cryptocurrency-only exchange desk in the near future.
Discussing the news Managing Director at eToroX, Doron Rosenblum, also added:
“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,”
It should also be noted that the new eToro exchange will be a completely separate entity from eToro’s crypto-to-crypto exchange that recently launched in the United States. Additionally, it will be aimed more towards experienced and sophisticated traders rather than casual investors.
Initially the platform will be available in most European countries, including Andorra, Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Georgia, Germany, Gibraltar, Greece, Greenland, Guernsey, Hungary, Iceland, Ireland, Isle of Man, Israel, Italy, Jersey, Latvia, Liechtenstein, Lithuania, Luxembourg, Macedonia, Malta, Moldova, Monaco, Montenegro, Netherlands, Norway, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, Switzerland, Ukraine, and the United Kingdom, but will not be available in the US or China.
AYO.NEWS says:
Just three weeks ago AYO.NEWS reported that eToro had revealed plans acquire Copenhagen-based blockchain platform Firmo (read more). Yoni Assia seems spot-on when he says that “Blockchain will eventually ‘eat’ traditional financial services through tokenization.” Quite what he has in mind when he said people could emerge as a tokenised asset class is intriguing too.
