eToro Launches eToroX Exchange and 8 Custom Stablecoins

| Updated
by Teuta Franjkovic · 4 min read
eToro Launches eToroX Exchange and 8 Custom Stablecoins
Photo: eToroX / Twitter

Israeli-based social trading platform eToro has launched eToroX, a fully regulated crypto exchange. eToroX debuts with half-a-dozen top cryptocurrencies and eight fiat currency-backed stablecoins, the latter of which are now open-source.

We already wrote of how eToroX announced the launch of its crypto exchange – a secure and regulated trading venue offering a range of crypto assets as well as a suite of stablecoins.

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.

Yoni Assia, co-founder and CEO of eToro, believes that tokenized assets represent the global financial future, and intends to expand secure access to them to the greater populace. She said exclusively for CoinSpeaker:

“One of the key obstacles that cryptoassets need to overcome for mainstream adoption is price stability. Stablecoins largely eliminate this hurdle, creating a more user-friendly way to interact with the blockchain.

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.”

According to eToro, the company is backing the stablecoins one-to-one with futures contracts. eToro’s customer base is primarily in Europe and the Middle East and, like its competitor RobinHood, the app is especially popular with millennials as a stock-trading tool.

Arieh Levi, a senior analyst at research firm CB Insights said:

“It’s a pretty saturated market in terms of crypto trading. I’m not sure there will be too much demand as the existing players will likely stick to the platforms they already use.”

Doron Rosenblum, Managing Director of eToroX, also commented:

“We are proud to be one of the first companies in the world to obtain a license for cryptoassets, and one of only a handful of regulated exchanges in the crypto space.

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.”

Last month, eToro also launched a trading platform and wallet service to 32 U.S. states and territories, enabling users to trade 13 cryptocurrencies. With the launch, U.S. customers with diverse levels of expertise can leverage eToro to collaborate with one another to find the best crypto asset trading strategies in an environment rich with unconventional educational tools.

It is true that tokenization helps open up markets and encourages diversification by facilitating fractional ownership and removing geographical boundaries.

A Prominent Place in the World of Finance for Dash

Yoni Assia added:

“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. Cryptoassets 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.”

The move into expanded access for digital tokens represents a growing global financial trend. According to a recent survey commissioned by eToro, millennials tend to favor cryptocurrencies over traditional assets.

Mati Greenspan, a Senior Market Analyst at eToro, tweeted:

A joint research paper conducted by eToro and Imperial College London predicted that cryptocurrencies will be mainstream for payments within a decade.

Finally, a market research report released by the platform indicated that Dash, one of the more prominent payments-focused coins, is “acutely undervalued” when compared to other cryptocurrencies.

This combination of findings leads to a strong inference that Dash has a prominent place in the future world of finance.

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Teuta Franjkovic

Experienced creative professional focusing on financial and political analysis, editing daily newspapers and news sites, economical and political journalism, consulting, PR and Marketing. Teuta’s passion is to create new opportunities and bring people together.

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