eToro Unveils New Crypto Exchange, Offers Unique Stablecoins
eToro’s blockchain arm has unveiled a crypto exchange and added support for eight unique stablecoins, the Israel-based social trading and brokerage platform announced on Tuesday, April 16.
The new exchange will be managed by the firm’s eToroX, a regulated platform licensed last December by the Gibraltar Financial Services Commission.
The just-launched crypto exchange will offer its users access to six top cryptocurrencies that include: bitcoin, litecoin, ether, XRP, bitcoin cash, and dash.
Users will access up to 37 crypto-to-fiat trading pairs offered for all the six digital assets, like BTC/USD, BTC/GBP, and XRP/GBP among others.
The firm also announced that users of eToro will access tokenized cryptos that are pegged to eight fiat-backed stablecoins. These are eToro U.S dollar, eToro Canadian Pound, eToro Australian Pound, eToro New Zealand dollar, eToro Pound Sterling, eToro Japanese yen, eToro Euro and eToro Swiss franc.
Doron Rosenblum, eToroX managing director said that eToro would soon be adding several other cryptocurrencies, fiat-pegged stablecoins as well as digital tokens.
It also intends to partner with other crypto exchanges and urge for wider support, mainly in the form of listing eToro’s stablecoins.
Yoni Assia, the CEO of eToro, noted that blockchain and tokenization have the potential to significantly transform the investment market. According to him, eToro will open up the tokenized world just as they did to make traditional markets accessible to investors.
He added blockchain is destined to replace traditional financial services, with tokenization playing host to “the greatest transfer of wealth.” The change is bound to occur when the world’s financial providers jump onto blockchain wagon.
Assia added that tokenization would eventually help put everything onto the blockchain, including art, and intellectual property and more.
eToro expects to roll out services for the new regulated platform in as many as 80 countries and jurisdictions around the world. At the same time, the platform will look to attract the growing number of professional traders.
The new platform comes less than a month after eToro launched a crypto trading and wallet service in 32 states in the U.S. The offering allows users in these states access to buying and selling of 13 cryptocurrencies.
eToro also expects to launch a new product that will offer its users multi-asset trading services in the first three months of next year.
Disclaimer: This is not investment advice. Cryptocurrencies are highly volatile assets and are very risky investments. Do your research and consult an investment professional before investing. Never invest more than you can afford to lose. Never borrow money to invest in cryptocurrencies.