Bitcoin Exchanges News

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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Bitsdaq & Bittrex Launch Crypto Exchange Targeting Asian Markets

Bitsdaq launch, January 29, 2019, image via Twitter

Bitsdaq has launched a new cryptocurrency trading platform targeted at Asian markets. The Bitsdaq Exchange, powered by Bittrex’s technology, is set to provide users with compliant diversified digital assets trading services.

A representative from Singapore based Bitsdaq said prior to the launch, the platform had seen significant interest, garnering 10,000 pre-registrations in the first 24 hours after announcing the exchange, gaining up to 1,000 registrations per hour.

Asia’s cryptocurrency trading sector is dominated by large, established players such as Huobi, Binance and OKEx. Bitsdaq’s close collaboration with Bittrex will help the platform differentiate itself from competitors, Ricky Ng, chairman and CEO of Bitsdaq, told CoinJournal.

“Our goal with the Bittrex partnership is to gain a major foothold in the global market by expanding Asian users’ investment opportunities. Additionally, with Bittrex’s help, we have the leading technical resources and talent in the industry,” Ng said.

“The Bitsdaq team has been working in the cryptocurrency field for many years, making us capable to handle innovative technical financial businesses. The core members of our team consist of outstanding talent from the international investment, cryptocurrency exchanges, web development fields. They have rich experience in derivatives, high-frequency trading, application development, exchange construction, and risk management.”

Founded in 2014, Bittrex is a US-based cryptocurrency exchange renowned for the vast number of cryptocurrencies listed and its good reputation for security. In 2018, the company began expanding overseas through partnerships with local players including South Africa’s VALR and South Korea’s Dunamu, the operator of Upbit.

In September 2018, it announced the formation of affiliate Bittrex International, which owns and manages the firm’s blockchain businesses outside of the US.

Bitsdaq Exchange will give customers access to all cryptocurrencies on the Bittrex and Bittrex International platforms, and will share cryptocurrency market depth with Bittrex to create optimal liquidity. It will also feature “a best-in-class customer service” and education program to support entry level traders. Bitsdaq promises to provide a compliant and trustworthy platform with a selection of world-quality projects.

Ng said the company plans to support fiat currencies at a later stage with a development roadmap that includes platform currency dividends, transaction fee discounts, currency voting, and Bitsdaq community voting.

“We’ll also feature high-quality community activities like an exclusive industry research report for the Bitsdaq community,” he added.

“We will innovate the trading sector through Asset Tokenize Offering (ATO) trading, Security Token Offering (STO), future contracts. In the current bear market, investors will only have a chance to profit through leveraging contracts.”

For the year ahead, Ng said the company will focus on strengthen its trading platform and improve transaction efficiency and effectiveness. It will also develop new tailor-made services for users, project parties, and investment institutions.

“For our long-term development, we need clear planning and upcoming development blueprints. We must also adjust our strategy according to market changes,” Ng concluded. “In 2019, we hope to become the Bittrex of Asia.”