eToroX Launches Crypto Exchange Supporting 8 Fiat-Stablecoins And 6 Cryptos

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eToroX launches crypto exchange

eToroX, the blockchain and tokenized asset subsidiary of European brokerage company eToro, has announced the launch of its crypto exchange platform.

eToroX crypto exchange screenshot

At launch, the trading venue will support eight fiat-stablecoins, namely eToro New Zealand Dollar (NZDX), eToro Japanese Yen (JPYX), eToro Swiss Franc (CHFX), eToro United States Dollar (USDEX), eToro Euro (EURX), eToro Pound Sterling (GBPX, eToro Australian Dollar (AUDX), and eToro Canadian Dollar (CADX); and six cryptocurrencies, Bitcoin, Ethereum, Ripple, Dash, Bitcoin Cash and Litecoin; for a total of 37 trading pairs, the company said on Tuesday.

“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,” said Doron Rosenblum, managing director of eToroX.

eToro and its co-founder and CEO Yoni Assia have been involved in blockchain since 2012 with Colored Coins, a class of methods for representing and managing real world assets on top of the Bitcoin blockchain. Examples include a deed for a house, stocks, bonds or futures. The technology can also be used to track and register intellectual property assets.

eToro, a social trading and brokerage company originally from Tel Aviv, was one the first regulated financial companies to offer crypto, allowing users to trade Bitcoin in 2014. Today, the eToro platform supports 15 cryptoassets and offers several crypto CopyPortfolios, trading strategies curated by eToro’s own analysts that bundle multiple cryptoassets.

In March, eToro acquired Danish startup Firmo, which has developed a platform to securely deploy financial contracts that can work with any blockchain. The company is also an investor in CoinDash, a startup building a blockchain-based platform that combines portfolio management and social trading functionalities.

“This is the future of finance. Blockchain will eventually ‘eat’ traditional financial services through tokenization,” said Assia. “Cryptoassets 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.”

eToro established its digital asset subsidiary eToroX last year. The company is responsible for “defining and executing eToro’s vision around blockchain and the development of cryptoassets.” In particular, it is building a product range and infrastructure centered on tokenized assets.

eToroX was granted a distributed ledger technology (DLT) license from the Gibraltar Financial Services Commission (GFSC) in December 2018.

 Assia concluded:

“We believe that we will see the greatest transfer of wealth ever as financial services move onto the blockchain. 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 intellectual property.”