The blockchain division of global social trading platform eToro has launched a cryptocurrency exchange for pro traders, a press release shared with Cointelegraph on Tuesday, April 16, states.
EToroX claims to be a secure a secure and fully regulated trading venue. As for now, the platform offers 37 trading pairs, with the ability to convert six cryptocurrencies to fiat, such as the dollar, euro and Swiss franc.
The exchange currently allows users to trade bitcoin (BTC), ethereum (ETH), ripple (XRP), dash (DASH), bitcoin cash (BCH) and litecoin (LTC). According to the managing director of eToroX, Doron Rosenblum, the exchange will launch more pairs in coming months.
Moreover, eToroX has launched eight stablecoins that are backed by the New Zealand dollar (NZDX), Japanese yen (JPYX), Swiss franc (CHFX), United States dollar (USDEX), euro (EURX), U.K. pound sterling (GBPX), Australian dollar (AUDX), and Canadian dollar (CADX). The stablecoins will be issued and controlled by eToroX.
Co-founder and CEO of eToro, Yoni Assia, said that the platform is set to bring crypto to a larger range of investors:
“We want to bring crypto and tokenized assets to a wider audience, allowing them to trade with confidence. This is the future of finance. Blockchain will eventually 'eat' traditional financial services through tokenization.”
Assia believes that financial services will eventually be transferred to blockchain, as the tech brings a new paradigm for asset ownership. According to him, traditional asset classes such as art and property will also be tokenized.
In March, eToro officially launched its platform and crypto asset wallet in the U.S. Later the same month, the company announced that it has acquired smart contracts development company Firmo in order to explore and add more tokenized assets.
In other stablecoin news, Canadian cryptocurrency exchange Coinsquare has recently announced that it will be launching a Canadian dollar-backed stablecoin. Meanwhile, billionaire VC investor Tim Draper is reportedly planning to meet with Facebook execs to discuss investing in the social media outlet’s rumored FB Coin.