According to the press release published on Tuesday, 16 April, eToro’s blockchain arm has pioneered cryptocurrency trading for its potential customers which is accompanied by the issuance of 8 Stablecoins.
eToro is a social trading and multi-asset brokerage company which has its headquarters located at Limassol in Cyprus, London in the United Kingdom, and Tel Aviv in Israel. It offers financial services like both online and social investment to its traders. The company has been considered as a giant in the global fintech revolution for a long period.
eToroX, a subsidiary of eToro, is regulated by the Gibraltar Financial Services Commission under the Investments and Financial Fiduciary Services Act. It is one of the first fintech firms to be regarded as a certified DLT provider.
Per the formal statement, eToroX will proffer the services for 8 branded Stablecoins. The platform will let the traders exchange 6 cryptocurrencies, and that includes-
Bitcoin Cash [BCH]
According to the Managing Director at eTorox, Doron Rosenblum, the traders will be able to enjoy the benefits of new combinations of the cryptocurrencies and ability to convert six cryptocurrencies to fiat in the near future. The firm will create combinations of 37 crypto-to-fiat trading pairs of the above coins for its users.
Furthermore, eight Stablecoins supported by eToroX would be pegged to eight fiat currencies. The above-mentioned Stablecoins will be backed by Swiss Franc, United States Dollar, New Zealand Dollar, Pound Sterling, Canadian Dollar, Australian Dollar, and the Euro.
The tweet of Senior market analyst at eToro, Mati Greenspan, stated that,
“We’re launching now 8 new stable coins, which are the most traded currencies in the world.” “We will continuously innovate @eTorox to add more features and more assets.”
Doron also commented that:
“We are proud to be one of the first companies in the world to obtain a license for crypto assets and one of only a handful of regulated exchanges in the crypto space. 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.”
Yoni Assia, the CEO, and co-founding partner at eToro remarked that:
“Just as eToro has opened up traditional markets for investors to facilitate the trade with confidence and enthusiasm. Because the blockchain will ultimately end the traditional financial services via tokenization.”
Yoni Assia also believes that the firms are able to invite a greater investment when they enter in the blockchain field. Assia further adds that slowly and gradually, the traditional assets such as art, intellectual property, property, etc. will be tokenized.
Back in March, eToro introduced a crypto trading platform along with eToro’s wallet facility for its customers present in the 32 states and provinces of the United States.