Social investing platform eToro has launched a cryptocurrency exchange along with eight branded stablecoins.
The new platform will be managed by its blockchain subsidiary, eToroX, which is regulated by the Gibraltar Financial Services Commission, the firm announced Tuesday.
Trading in six cryptocurrencies will be offered at launch: bitcoin (BTC), bitcoin cash (BCH), ether (ETH), XRP, litecoin (LTC) and dash. Also available will be 37 crypto-to-fiat pairs, for example BTC/USD and XRP/GBP.
The firm is additionally issuing eToro-branded tokens pegged to eight fiat currencies, including the eToro United States dollar (USDEX), eToro Japanese yen (JPYX) and eToro Euro (EURX), with others available for pounds Sterling; Australian, Canadian and New Zealand dollars; and the Swiss franc.
The exchange will add more cryptocurrencies, stablecoins and tokens “in the coming weeks,” eToroX managing director Doron Rosenblum said, adding that the firm will also work with other cryptocurrency exchanges to “encourage” them to list its stablecoins.
eToro CEO and co-founder, Yoni Assia, said:
“Just as eToro has opened up traditional markets for investors, we want to do the same in the tokenized world. […] Blockchain will eventually ‘eat’ traditional financial services through tokenization.”
The “greatest transfer of wealth” will occur as financial services move onto the blockchain, Assia said, adding that tokenization of all traditional asset classes, including art, property and even intellectual property, will eventually take place.
Last month, eToro also launched a cryptocurrency buying and selling platform and wallet service in the U.S. The platform allows U.S. customers from 32 states and territories to trade 13 cryptocurrencies. The firm also expects to launch multi-asset trading in Q1 of next year, it said.
Yoni Assia image via CoinDesk archives