eToro’s cryptocurrency division eToroX has added two commodity-backed stablecoins – one pegged to gold and the other to silver – to its trading platform.
The exchange also added two fiat-pegged stablecoins – RUBX and CNYX – to its existing arsenal of eight fiat-pegged digital currencies.
“One of the key obstacles that crypto assets need to overcome for mainstream adoption is price stability,” Yoni Assia, co-founder and chief executive of eToro, said. “Stablecoins largely eliminate this hurdle, creating a more user-friendly way to interact with the blockchain. By adding eToro Gold and eToro Silver and expanding our fiat-stablecoin range to 10, we are demonstrating the vast potential offered by tokenized assets.”
Assia is going to join a panel discussion at the upcoming Barcelona Trading Conference to discuss the present and future of security tokens.
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eToroX was launched last month by the retail trading platform to jump into the lucrative crypto trading market. The exchange has obtained a license from Gibraltar to operate the crypto asset exchange.
Expanding crypto trading options
With the array of fiat-pegged coins, the exchange offers trading pairs against the top five digital assets available in the market – Bitcoin, Ethereum, Ripple, Bitcoin Cash, and Litecoin.
The platform is already listing 43 trading pairs and has added an additional 17 trading pairs, all of which are stablecoin-to-stablecoin pairs.
“The addition of these fiat pairs means that people can now trade FX 24/7 as well as traditional assets such as gold and silver. We are continuing to open up markets and this step allows people for the first time to trade, hedge and close exposure whenever they want,” Doron Rosenblum, managing director of eToroX, added.
“The addition of 17 pairs and 4 assets to our exchange less than a month since we launched shows the commitment to grow our exchange and the huge possibilities offered by the blockchain. We don’t want to just add established crypto assets. We want to push the boundaries and continue to innovate.”