eToroX, the blockchain division of global investment company eToro, and licenced in Gibraltar, has this month announced the addition of two commodity-stablecoins – eToro Gold (GOLDX) and eToro Silver (SLVX), two further fiat-stablecoins – eToro Ruble (RUBX) and eToro Yuan (CNYX) – plus 15 fiat pairs to its crypto exchange. The 2 commodity-stablecoins and 10 fiat-stablecoins are all ERC20 tokens. Stablecoins are a class of digital assets that seek to maintain price stability by being pegged to the value of a stable asset, like fiat currencies.
In a press release issued mid-May, Yoni Assia, Co-founder and CEO of eToro, said: “The blockchain brings transparency and a new paradigm for asset ownership. We believe this is the future of finance and we’ll see the greatest transfer of wealth ever onto the blockchain.
“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. By adding eToro Gold and eToro Silver and expanding our fiat-stablecoin range to 10, we are demonstrating the vast potential offered by tokenized assets.”
Doron Rosenblum, Managing Director of eToroX, said: “The addition of these fiat pairs means that people can now trade FX 24/7 as well as traditional assets such as gold and silver. We are continuing to open up markets and this step allows people for the first time to trade, hedge and close exposure whenever they want.
“The inclusion of 17 new instruments to our exchange less than a month since we launched shows the commitment to grow our exchange and the huge possibilities offered by the blockchain. We don’t want to just add established cryptoassets. We want to push the boundaries and continue to innovate.”
eToroX is one of the first companies to be certified as a regulated Distributed Ledger Technology (DLT) provider by the Gibraltar Financial Services Commission (GFSC). It is a subsidiary of eToro, a company founded in 2007 with the aim of opening up global markets for trading and investing in a way that embraced simplicity and transparency.
The eToro Group manages its own eToro platform for multi-asset trading and investment which enables users to invest in the assets that they want, from stocks and commodities to cryptoassets. The platform has more than ten million registered users who can share investment strategies and can follow those strategies that have been proven to be the most successful. Its ease of use means that customers can readily buy, hold and sell assets as well as monitor their portfolios in real time and carry out transactions whenever they wish to do so.
eToroX, manages the company’s crypto wallet and exchange, providing the infrastructure that aims to facilitate the evolution of tokenised assets through the application of blockchain technology.
The company received its distributed ledger technology (DLT) provider licence from the Gibraltar Financial Services Commission to eToroX in December 2018.