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eToroX Launches Crypto Exchange Supporting 8 Fiat-Stablecoins And 6 Cryptos

eToroX launches crypto exchange

eToroX, the blockchain and tokenized asset subsidiary of European brokerage company eToro, has announced the launch of its crypto exchange platform.

eToroX crypto exchange screenshot

At launch, the trading venue will support eight fiat-stablecoins, namely eToro New Zealand Dollar (NZDX), eToro Japanese Yen (JPYX), eToro Swiss Franc (CHFX), eToro United States Dollar (USDEX), eToro Euro (EURX), eToro Pound Sterling (GBPX, eToro Australian Dollar (AUDX), and eToro Canadian Dollar (CADX); and six cryptocurrencies, Bitcoin, Ethereum, Ripple, Dash, Bitcoin Cash and Litecoin; for a total of 37 trading pairs, the company said on Tuesday.

“In the coming weeks and months, we will add more cryptoassets, stablecoins and tokens to the exchange and will work with other exchanges to encourage them to list our growing range of stablecoins,” said Doron Rosenblum, managing director of eToroX.

eToro and its co-founder and CEO Yoni Assia have been involved in blockchain since 2012 with Colored Coins, a class of methods for representing and managing real world assets on top of the Bitcoin blockchain. Examples include a deed for a house, stocks, bonds or futures. The technology can also be used to track and register intellectual property assets.

eToro, a social trading and brokerage company originally from Tel Aviv, was one the first regulated financial companies to offer crypto, allowing users to trade Bitcoin in 2014. Today, the eToro platform supports 15 cryptoassets and offers several crypto CopyPortfolios, trading strategies curated by eToro’s own analysts that bundle multiple cryptoassets.

In March, eToro acquired Danish startup Firmo, which has developed a platform to securely deploy financial contracts that can work with any blockchain. The company is also an investor in CoinDash, a startup building a blockchain-based platform that combines portfolio management and social trading functionalities.

“This is the future of finance. Blockchain will eventually ‘eat’ traditional financial services through tokenization,” said Assia. “Cryptoassets are just the first step on this journey and we are excited to explore the opportunities offered by tokenization with the launch of our exchange.”

eToro established its digital asset subsidiary eToroX last year. The company is responsible for “defining and executing eToro’s vision around blockchain and the development of cryptoassets.” In particular, it is building a product range and infrastructure centered on tokenized assets.

eToroX was granted a distributed ledger technology (DLT) license from the Gibraltar Financial Services Commission (GFSC) in December 2018.

 Assia concluded:

“We believe that we will see the greatest transfer of wealth ever as financial services move onto the blockchain. The blockchain brings transparency and a new paradigm for asset ownership. In time, we will see the tokenization of all traditional asset classes, as well as the emergence of new asset classes such as tokenized art, property or even intellectual property.”

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The Crypto Frenzy Is Creating A New Generation Of Investors In Asia

Image: Crypto coins, by, Flickr

The cryptocurrency frenzy of these past years has created a new generation of investors in Asia, according to new data released by investing platform eToro.

73% of new investors that joined eToro globally in 2017 and 2018 purchased crypto. Of these investors, 11% have since gone on to invest in other assets including stocks, commodities and forex, a trend particularly prominent among the younger generation with 44% of all of these diversifying aged between 25 and 34.

“For many, investing has been seen as the preserve of the wealthy and/or something that is too complicated for the average person to take part in. Crypto has changed this,” said Paul Familiaran, the head of eToro’s Southeast Asia region. “Across Asia, there are now people investing that would otherwise not be, which marks a positive shift in investor behavior.”

Data also show that China and Asia Pacific led the way in terms of new female investors joining the platform, with women making up 16% of traders on eToro in China and 14% across the rest of Asia, compared to the global average of 8%.

“Regardless of whether you believe in the long-term opportunities provided by crypto, it has been an essential entry point for investors in Asia and all around the world,” said Familiaran.

“Crypto has captured the interest of a new demographic of traders in Asia that would otherwise not be investing in our view. In China and more widely across Asia, this has also translated into a significant proportion of female investors signing up to eToro and trying out trading for the first time.”

Those buying cryptoassets were found to hold their positions for longer than other asset classes. Globally, crypto positions lasted 71 days longer than the next longest-held asset, ETFs, which could indicate a belief in the long-term investment opportunity offered by cryptoassets.

Despite the so-called crypto-winter, cryptocurrency trading continues to rise around the world. US-based mobile payment platform Square reported US$166 million in revenue from selling bitcoins in 2018, according to the company’s quarterly earnings report published on February 27.

Square’s overall net revenue was capped at US$3.3 billion last year, 5% of which was generated from its crypto buying service on the Cash App.

Square, an American payments company, extended its support towards cryptocurrency trading in January 2018. The platform had more than 15 million active customers in December 2018, doubling from a year earlier.

In the UK, London-based data analytics portal Skew noted strong bitcoin trading activity in the last 120 days with trading volume on BitMEX for XBT/USD averaging US$65 million per hour.  

Over the past two weeks, cryptocurrencies have rallied with the total market capitalization for the entire industry climbing over 20% to hit a high of US$134 billion on Tuesday, marking the best performance in almost six weeks. Daily trading volumes have reached their highest levels for almost nine months, or US$34 billion on Tuesday, higher than it had been since early May 2018.