Shortly before the end of 2018, eToro announced that the eToro wallet now supports XRP. For a limited period through to the end of January 2019, no fees will be charged for both XRP wallet creation and XRP coin transfer. The eToro platform allows clients to trade cryptoassets, and the eToro Wallet now allows clients to transfer supported cryptoassets beyond the eToro ecosystem, sending and receiving directly via blockchain and also converting between cryptoassets. At the moment, supported currencies include Bitcoin, Ethereum and, now, XRP. The eToro security system’s strict security protocol only permits transfers from the platform to the wallet and not from their wallets back to their eToro portfolio.
The eToro Wallet is provided by eToroX Ltd., a subsidiary of eToro, set up with the aim of further defining and executing eToro’s vision using blockchain and the development of cryptoassets. eToroX will continue to provide an evolving crypto product range in addition to the infrastructure that supports the growth of tokenised assets.
eToroX Ltd. is regulated in Gibraltar, having recently been granted a DLT licence by the Gibraltar Financial Services Commission, the jurisdiction’s regulator. eToro group has been diligent in pursuing regulation, believing that this will allow for better security and trust for clients and for a greater worldwide adoption of cryptoassets.
Yoni Assia, Founder and CEO of eToro commented is quoted on the company website as stating: “We are proud to say that we are among the first companies in the world to obtain a licence for cryptoassets and one of very few regulated companies in the crypto space. Just as eToro has opened up traditional markets for investors, we want to do the same in a tokenised world and the creation of eToroX will help us do this.”
Doron Rosenblum, Managing Director of eToroX, added: “We believe that a strong system of regulations will support the mass adoption of blockchain technology, including cryptoassets. We don’t need to reinvent the wheel to regulate blockchain. While blockchain brings some unique challenges to regulators, we can protect users and help support new ideas by applying the same fundamental principles as we have in other financial markets.”