The Gibraltar Financial Services Commission (GFSC) has awarded another DLT Licence, this time to eToroX, a subsidiary of the eToro Group. This brings the total number of companies obtaining a licence under Gibraltar’s DLT Regulations to five, with eToroX joining Coinfloor, Covesting, the Gibraltar Blockchain Exchange and Huobi Technologies as one of the world’s first regulated businesses operating in the cryptospace.
eToroX was established earlier this year in order to add definition and to bring to full execution eToro’s vision of increasing accessibility to trading through the use of the blockchain and the exchange of digital assets. A social trading platform established in 2007, eToro has expanded and now boasts over 10 million registered users with their customers able to invest in the assets of their choice, including crypto assets.
Just a few weeks ago in November, eToro launched its crypto wallet, giving users the option of transferring their crypto assets from the platform in order to store them. Having obtained its Gibraltar DLT Licence, eToroX will now be able to manage eToro’s wallet, in preparation for the launch of its digital asset exchange, expected very shortly. The platform currently trades 13 crypto assets, having recently added Binance Coin to its available assets which include Bitcoin, Ethereum, Litecoin, IOTA and Ethereum Classic among others. In October, eToro cut its transaction fees for crypto assets in line with its mission to help increase mass adoption and trading of cryptocurrency.
Having established the eToroX subsidiary in Gibraltar, a jurisdiction with a growing reputation for fostering fintech and crypto businesses within a robustly regulated ecosystem, the platform is set to continue its accelerating development. The strong system of regulation in Gibraltar is key to supporting mass adoption of blockchain technology and is vital to the creation of consumer confidence in the trading of cryptoassets. For eToroX, a DLT Provider licence in Gibraltar is another step in its pathway to opening up mass global markets for digital assets.