The eagerly awaited, eToroX a new crypto exchange service on eToro’s, social trading platform was officially launched.
The introduction of eToroX will provide a range of instruments where advanced, professional, crypto traders can trade in a regulated and secure environment.
This is the perfect time with recent new that the cryptocurrency winter is thawing. Experts have noticed that Bitcoin has formed its first bullish golden cross since October 2015.
Now crypto traders who have an appetite for digitized versions of additional major currencies can trade:
- 8 fiat-stablecoins eToro United States Dollar (USDEX), eToro Euro (EURX), (eToro New Zealand Dollar (NZDX), eToro
- Japanese Yen (JPYX), eToro Swiss Franc (CHFX), eToro Pound Sterling (GBPX), eToro Australian Dollar (AUDX), eToro Canadian Dollar (CADX)
- 6 cryptocurrencies (Bitcoin, Ethereum, Ripple, Bitcoin Cash, Dash and Litecoin)
- 37 pairs including BTC-USD, XRP-GBP etc
This is just for starters, eToro plan to introduce tokenized versions of other assets in the future, which will include crypto assets fine art and precious metals and additional stablecoins and tokens.
That’s not all…
Plans are also in the works to encourage other exchanges to list eToro’s stablecoins according to Managing Director of eToroX, Doron Rosenblum.
The process of tokenizing assets is complex:
- First, it needs to be listed on a blockchain. The ledger which runs across multiple computers is the proof of transactions and are tamper-proof.
- The assets are backed by the issuing company (eToro) on a one-to-one basis and hold a reserve of fiat currency.
- eToro are backing the stablecoins with future contracts.
A firm believer in the future of blockchain technology, Yoni Assia, CEO and co-founder at eToro believes that there is a demand for new stablecoins (digital money).
Now on eToroX, traders can bet on the price movement of Bitcoin against other major currencies like the Euro, Yen, Swiss franc, Australian, New Zealand and Canadian dollar. These digital currencies are designed to maintain the value of one U.S. dollar.
Today, traders have a wide variety of instruments with over 1,500 different assets, which includes stocks, commodities, bonds and 15 fiat currencies and 13 cryptocurrencies to choose from.
Many of the assets don’t exist on the exchange, while the exchange offers trading options that don’t exist on the eToro platform.
It is expected that many traders will use both the traditional trading platform and the eToroX exchange for trading cryptocurrencies.
eToro planned to launch eToroX on their platform by the end of 2018, and were only granted their license from the Gibraltar Financial Services Commission for a Distributed Ledger Technology (DLT) in December.
Keynote speech by eToro CEO
During the Paris Blockchain Week in Paris, Yoni Assia, CEO of eToro gave a keynote speech which was broadcast live on social media LinkedIn.
In his speech he said that the combined market cap for crypto was less than $200 billion and had a long way to go compared to $140 trillion of assets in the capital markets, saying that it is a drop in the ocean.
Bridging the gap
His speech explains how the blockchain industry is evolving with everything and everyone starting to build on. Once the process starts moving and assets start shifting into the blockchain it will start a revolution in trading.
The eToroX exchange will bridge the gap between the financial markets and crypto with stablecoins and tokenization of assets in real-time 24/7.
Looking to the future
He believes that in the future people will be able to trade in a wide variety of tokenized assets from equity, art, property/real estate from all over the world. At the moment only crypto exchanges trade crypto assets and core assets. In the future, the whole ecosystem will change.
France position itself as a leader
France’s Minister of Economy and Finance, Bruno Le Maire is reportedly positioning his country to be the leader for blockchain technology in Europe.
He is proposing that a unique crypto regulatory framework be set up with European counterparts and encourage work on the topic at the G20 level.
Belief in blockchain technology
eToro’s CEO, Yoni Assia belief in the blockchain technology is evident and can be seen as he positions eToro in the financial markets with his recent launch of offerings of cryptocurrencies to the U.S. markets.
Now available in the U.S.
eToro’s customer base has been primarily in Europe and the Middle East. Now, this move has opened up an immense market opportunity, making it more easily attainable for cryptocurrencies to U.S. traders in 30 states and two territories.
Initially, the offering is a small basket of cryptocurrencies which includes Bitcoin and Ethereum. They plan to expand with additional asset classes and additional cryptocurrencies after getting the necessary regulatory sign-offs.
Since the launch in March, already four to five percent new registrations at eToro are from the U.S. which Assia reportedly is pleased with. And it’s not really surprising since majority of millennials are shifting from stocks to cryptocurrencies.
Today, the 10 million plus traders at eToro can purchase and trade 15 cryptocurrencies which include their latest addition of the tenth largest cryptocurrency by market capitalization TRON (TRX).
Traders are also able to store, send and receive multiple coins on a convenient digital multi-signature eToro wallet, making it easy to convert between them.
eToro, a leader in social trading
eToro is the leader in social trading, their unique and revolutionary platform allows traders to interact and connect with one another. The CopyTrader feature mimics another trader’s portfolio, allowing you to copy other more experienced traders. The platform is easy to use even for novices.
The platform comes with advanced trading tools, like using leverage, short-selling, stop limits and more.
Education: A key to success
Traders can also gain experience with their free demo account which comes with virtual money. Take advantage of their comprehensive eToro trading academy which offers a wealth of valuable information to make you successful.
Learn different trading strategies and techniques with eToro’s advanced tools and more.