Retail trading firm eToro announced the launch of its new cryptocurrency exchange this Monday.
eToroX, which is regulated in Gibraltar, allows users to trade in currency pairs and to buy a number of different cryptocurrencies.
“Just as eToro has opened up traditional markets for investors, we want to do the same in the tokenized world,” said Yoni Assia, eToro’s chief executive officer.
“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 using eToroX will have access to eight stable coins, amongst them the Swiss Franc and US dollar, all of which were created by eToro.
The new cryptocurrency exchange will also enable users to buy six of the more popular cryptocurrencies, including bitcoin, ethereum, ripple, and dash.
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More to come
A statement released by the firm indicates that the exchange will be adding more assets to its platform in the near future.
“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, a managing director at eToroX.
The launch of a cryptocurrency exchange has not come ‘ex nihilo’ for eToro’s leadership team. Dudu Ring, a former gambling executive and one of eToro’s co-founders, helped launch Colu – a cryptocurrency used as payment in Israel.
Assia and Ring also worked on developing ColourCoins – a technology that could track assets on the blockchain.
“The blockchain brings transparency and a new paradigm for asset ownership,” continued Assia.
“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.”