Out of the existing 120 tokens, the first five tokens added to the eToro wallet from Tuesday are three cryptoassets: OmiseGO (OMG), Basic Attention Token (BAT), Maker (MKR) and two eToro stablecoins eToro US DollarX (USDX) and eToro EuroX (EURX). ERC-120 is a Complex standard that stipulates rules for tokens listed on ethereum or related blockchains.
Managing Director of eToroX, Doron Rosenblum, said:
“Adding 120 ERC-20 tokens to the eToro wallet are further evidence of our belief that one day all investable assets will be tokenized. One of the main barriers to mass adoption of cryptoassets is lack of access. Making these first five tokens available enables more people to transfer and hold them into a secure and regulated wallet. The next step will be adding more ERC-20 tokens to our exchange, which we plan to do in the near future.”
The eToro Digital Wallet
ERC-20 tokens are used strictly on the Ethereum blockchain platform and must adhere to stipulated rules so that they can be shared, transferred to a crypto wallet, or exchanged for other crypto assets.
The eToro digital wallet is a mobile application available through the Apple App Store and Google Play. It offers enhanced security and simple to use customer platform. Multi-signature security offer subscribers the potential to access their on-blockchain balances and transactions without the threat of losing their own private key.
The wallet is designed and controlled by eToroX, a subsidiary of eToro Group. eToroX is among the first firms to be approved as a regulated Distributed Ledger Technology (DLT) provided by the Gibraltar Financial Services Commission (GFSC). Furthermore, the firm also launched eight eToro-branded stablecoins and a Cryptocurrency exchange back in April.
Yoni Assia, the co-founder, and eToro CEO commented at the time:
“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.”
Parent company eToro officially launched a cryptocurrency buying and selling network and mobile wallet service in the United States in February this year. This came after the company dived into the crypto space in 2014 with the launch of bitcoin trading on its system.
eToroX is a company controlled by the eToro Group. The firm was launched in 2018 to offer the infrastructure to assist eToro Group`s initiative to enhance the modernization of tokenized assets. It provides newly introduced digital wallets and manages the exchange of eToro.