eToro, a global social trading platform has introduced a special cryptocurrency exchange for pro traders. Dubbed as EToroX, the firm claims that the platform will be a secure and fully regulated trading venue.
For now, 37 trading pairs will be offered on the platform including bitcoin (BTC), ethereum (ETH), ripple (XRP), dash (DASH), bitcoin cash (BCH) and litecoin (LTC). Doron Rosenblum, the managing director of eToroX added that the firm will launch more pairs in coming months. The platform also offers the ability to convert six cryptocurrencies to fiat, including Dollar, Euro, and Swiss franc.
Furthermore, the platform launched eight stablecoins that are backed by the New Zealand dollar (NZDX), Japanese yen (JPYX), Swiss franc (CHFX), United States dollar (USDEX), euro (EURX), U.K.pound sterling (GBPX), Australian dollar (AUDX), and Canadian dollar (CADX). The stablecoins will be issued and controlled by eToroX.
Yoni Assia, Co-founder, and CEO of eToro said that the platform is set to bring crypto to a larger range of investors:
“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.”
Assia further asserts that the financial services will eventually be transferred to blockchain, as the tech brings a new paradigm for asset ownership. As per him, traditional asset classes such as art and property will also be tokenized.
On its ride to promote cryptocurrency and blockchain technology, eToro officially launched its platform and crypto asset wallet in the U.S in March. Later, in the same month, the company acquired smart contracts development company Firmo in order to explore and add more tokenized assets.
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Image Source – eToroX Twitter