eToroX is a blockchain division of a social trading and multi-asset brokerage company called eToro who has made an announcement of launching a new crypto exchange. The exchange will have six cryptocurrencies such as Bitcoin (BTC), BitcoinCash (BCH), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), Dash (DASH). It won’t only have the six cryptocurrencies, but also will have eight fiat-stablecoins (eToro Swiss Franc (CHFX), eToro Euro (EURX), eToro Pound Sterling (GBPX), eToro New Zealand Dollar (NZDX), eToro Canadian Dollar (CADX), eToro Australian Dollar (AUDX), eToro United States Dollar (USDEX), eToro Japanese Yen (JPYX)) and 37 pairs and some of the pairs are XRP-GBP and BTC-USD.
The social trading and multi-asset brokerage company eToro was set up in 2007. The aim of eToro was to set up global markets. The main purpose of the global markets was to make customers invest and trade easily and openly. It has 15 cryptoassets at present.
eToro is considered as a global community having 10+ million registered users. Customers can invest in stocks and commodities in eToro along with investing in cryptoassets. Real-time portfolios can be monitored and transactions can be done at any time through eToro. Investment strategies can be shared in eToro. Users can follow the investment strategies of the most successful investors.
The new crypto exchange launch is said to be a natural next step in the blockchain journey of eToro. The Co-founder and the Chief Executive Officer (CEO) of eToro Yoni Assia said, “Just as eToro has opened up traditional markets for investors, we want to do the same in the tokenized world. We want to bring crypto and tokenized assets to a wider audience, allowing them to trade with confidence. This is the future of finance. Blockchain will eventually ‘eat’ traditional financial services through tokenization,” Bitcoinist reported.
eToroX is said to be at the forefront of the revolution of cryptocurrency and blockchain technology. Bringing transparency and security of a regulated cryptocurrency powerhouse is a purpose of eToroX. Bringing the stability of a market-leading financial services provider is one more purpose, according to the official website of eToroX.
eToroX is a subsidiary of a parent organization called eToro Group Limited. The subsidiary eToroX will manage the new crypto exchange. The Gibraltar Financial Services Commission (GFSC) is a regulated firm who regulates a Gibraltar-based financial services industry. GFSC certified the subsidiary eToroX as a regulated Distributed Ledger Technology (DLT) provider under the Investments and Financial Fiduciary Services Act. The parent company eToro Group Limited has made of eToro, eToroX and a multi-asset trading and investment venue.
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