eToro is a Cyprus based social trading and multi-asset brokerage company that announced on Tuesday that will launch a new digital crypto exchange, eTorox.
The Exchange will also be including eight new stable coins that will be backed by the FIAT currencies of the countries. eToro is promoting the feasibility of trades in cryptocurrency by providing local FIAT pegged cryptocurrencies.
The CEO of eToro, Yoni Assia announced at the Paris Blockchain Week on 16th April 2019:
@eTorox cryptoasset exchange!” he also added that “we’re starting a process to tokenize the world.”
eToroX Aspires to Become a Global Exchange
eTorox introduces stablecoin that is pegged to Gold, Oil, and currencies of Japan, the UK, China, Australia, New Zealand, and the US dollar. The stablecoins of the eTorox Exchange are symbols suffixed to the country abbreviation like AUDX (Australian Dollar), NZDX (New Zealand), CHFX (China), and GBPX (Great Britain Pound).
The eTorox Exchange is live and can be used to trade cryptocurrencies and stable coins from all over the world. The cryptocurrencies currently traded on the Exchange are Bitcoin (BTC), Ethereum (ETH), Stellar Lumens (XLM), EOS, Litecoin (LTC), XRP, Bitcoin Cash (BCH) and Dash (DASH).
The CEO of eToro also said:
“We’re launching now 8 new stable coins, which are the most traded currencies in the world.” He added that “We will continuously innovate
@eTorox to add more features and more assets.”
Mati Greenspan, senior market analyst at eToro tweeted by quoting Yoni Assia who said, “eventually all assets will move into a native digital form”. Hence, the eTorox Exchange is likely to add all such digital assets on its Global Exchange platform.
Do you think that the innovative exchange will be successful globally? Or USD stablecoins will continue to act as the most popular pegged cryptocurrencies? Please share your views with us.
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Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com