The blockchain division of the social investment platform eToro launched a cryptocurrency exchange with the support of various stablebcoins.
The marketplace regulated by the Gibraltar Financial Services Commission is called eToroX. There are currently six crypto assets on the new exchange: Bitcoin, Bitcoin Cash, Ethereum, Ripple XRP token, Litecoin and DASH.
In addition, the company issued stablecoins based on various fiat currencies, including the American dollar (USDEX), the Japanese yen (JPYX), the euro (EURX), the Chinese yuan (CNYX), the Russian ruble (RUBX), the Canadian dollar (CADX), the Swiss franc (CHFX), pound sterling (GBPX), New Zealand dollar (NZDX) and Australian dollar (AUDX).
Also on eToroX there are two “stable coins” based on precious metals: gold (GOLDX) and silver (SLVRX). A total of 37 trading pairs are represented on the trading floor.
According to the company’s representatives, “in the coming weeks” other cryptocurrencies, tokens and stablecoins will be added to the platform. In addition, eToro will encourage listing of its stable coins by other trading platforms.
Last fall eToro introduced a Bitcoin-supported cryptocurrency wallet, Ethereum and Litecoin. A few months later, the platform acquired the Firmo blockchain-startup specializing in derivatives. According to Yoni Assia, the CEO and co-founder of eToro, the acquisition of Firmo will help the company to develop tokenized assets.