Bróker eToro, a leading investment, and multi-asset trading platform has launched a cryptocurrency exchange. Fully regulated by the GFSC (Gibraltar Financial Services Commission).
Isn’t that exciting news? Before you start salivating, there’s more; along with the crypto platform going live, eToro launched eight Fiat Backed stable coins as well. Continue reading to find out more about what the eToro crypto exchange has to offer.
About eToro
The best way to describe eToro is that it is a multi-asset social trading broker that is suitable for traders of all levels of experience. It is a famous Fintech startup established in 2007. eToro is offering mainly CFDs but has stocks and crypto-asset investment options as well.
Etoro is one of the top European trading platforms and is trusted by many mostly because of its regulators. eToro caters for its UK customers through an FCA regulated entity. An Australian body for the Australians and the rest of the clients served via a Cypriot entity. eToro also does not have a parent bank.
eToro Launches new crypto exchange called eToroX
As the cryptocurrency market continues to develop eToro adds to the expansion; on the 16th of April 2019, eToro’s blockchain Division announced the launch of their new crypto exchange for professional traders. The eToro crypto exchange will initially offer six top cryptocurrencies available for buying and selling and these include: Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), Bitcoin Cash (BCH), Ripple (XRP) and DASH.
Moreover, eToro will also allow users to trade these coins against fiat currencies with 37 trading pairs available altogether including the US dollar, Pound Sterling and many more.
The eToro Crypto exchange supports eight stable coins
eToro will also be launching eight stable coins pegged to top fiat currencies. These stable coins are eToro US dollar (USDEX), eToro Euro (EURX), eToro Japanese Yen (JPYX), New Zealand dollar (NZDX), Swiss Franc (CHFX), U.K Pound (GBPX), Canadian Dollar (CADX) and Australian Dollar (AUDX). eToro is going to control and manage the issuance of these tokens and currencies to support their value.
The main objective of eToro’s support of these stable coins; is to encourage expansion and to include more coins and adopt more stable coins in the market. Moreover, eToro’s managing director also expressed how they will be working with some other cryptocurrency exchanges. This to inspire them to incorporate more stablecoins. check out Ethereum vs Bitcoin – Fair Comparison?.
The new eToro crypto exchange explores Tokenisation
Tokenisation is very important because it encourages diversification and aids in the opening up of new markets; by enabling fractional ownership, thereby eliminating geographical boundaries. That being said, in March eToro opened up about trying to encourage Tokenised assets by acquiring the smart contract start-up called Firmo.
Firmo is located in Copenhagen, and it uses eToro’s technology that enables it to manage financial contracts safely; and it supports crypto platforms such as ETH, NEO, and EOS as well. The founder and CEO of eToro went on to say how blockchain (crypto) boosts transparency in asset ownership.
The eToro CEO also mentioned how she felt about crypto-assets. She said that they are just scratching the surface. There is much more to explore within Tokenisation that the exchange looks forward to.
Conclusion
eToro has great dreams for the crypto exchange. And the sky is the limit for them with the foundation that they have built. They mentioned that they are looking forward to adding more; tokens, crypto assets and stable coins in the upcoming months and years.
Etoro also hopes that other exchanges will adopt stablecoins; despite the skepticism that will be floating around that topic. A Crypto Exchange is a good move for eToro; stay tuned to see how it performs in this saturated market.