Trading platform eToro confirmed that they acquired Firmo, a Danish-based smart contract infrastructure provider for an undisclosed amount. Following the acquisition, the multi-trading asset firm aims to expand its tokenized financial assets.
Focusing on Tokenized Future
Per the press release, released on March 25, eToro’s Firmo acquisition will enable the firm to boost its future tokenized economy. Although financial aspects of acquisition are still out of sight – sources revealed that the deal brings Firmo’s research and development team to eToro platform. Yoni Assia, CEO at eToro says that;
“The acquisition of Firmo will enable eToro to accelerate the growth of our tokenized assets offering. Blockchain and the tokenization of assets will play a major role in the future of finance. We believe that in time all investible assets will be tokenized and that we will see the greatest transfer of wealth ever onto the blockchain.”
Yoni Assia further reveals that they aim to be an active player in blockchain consildation. According to the reports, eToro’s new acquired firm offers smart contracts for derivatives that will ensure its seamless access on any major blockchain- meaning that exchanges can use Firmo’s programming language, called ‘FirmoLang’ to build products like crypto derivatives or P2p lending service.
Speaking about the acquisition, Dr.Omri Ross, CEO, and Founder of Firmo says that;
“The advent of crypto and the blockchain technology that underpins it has driven an explosion in financial innovation, however, a number of challenges are preventing mass adoption and integration into legacy infrastructure. Our goal is to enable our users to trade any asset globally with instant settlement by tokenizing assets and executing all essential trade processes on the blockchain.
Not only Firmo, an anonymous source closed to the matter reported Bloomberg that the firm is eyeing for another acquisition but eToro declined to voice on it. Moreover, eToro also revealed its listing of TRX on its platform and marking TRX as the 15th cryptocurrency as its offering.