Earlier this week, the popular eToro retail platform announced the launch of its new cryptocurrency exchange.
eToroX will allow users to trade in currency pairs to buy several different cryptocurrencies. The eToro chief executive officer, Yoni Assia, has spoken on the launch
“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.”
Traders that use the Gibraltar-based exchange will have access to eight stablecoins, all of which were created by eToro. Amongst these is the Swiss Franc and US Dollar.
The new cryptocurrency exchange will also enable users to buy six of the more popular cryptocurrencies, which includes, RIpple, Ethereum, Dash and of course, Bitcoin.
In a statement released by the firm, it indicates that the exchange will be adding more assets to its platform in the near future.
The managing director at eToro, Doron Rosenblum has said:
“In the coming weeks and months we will add more cryptoassets, stablecoins and tokens to the exchange and will work with other exchanges to encourage them to list our growing range of stablecoins.”
A former gambling executive and one of the co-founders of eToro, Dudu Ring helped launch an Israelian based cryptocurrency, Colu which is used as a payment in the nation.
Assia and Ring both worked on developing a technology that would be able to track assets on the blockchain which is now known as ColourCoins.
Assia went on to say:
“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 IP. Crypto assets are just the first step on this journey and we are excited to explore the opportunities offered by tokenization with the launch of our exchange.”