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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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Crypto Smart Card Manufacturer Tangem Raises US$15M from Japan SBI

Tangem blockchain smart card wallets

Tangem, a Swiss manufacturer of crypto “smart banknotes,” has raised US$15 million from SBI Crypto Investment, a digital asset venture investment company wholly owned by SBI Holdings.

Tangem Notes

Operating out of Switzerland and Singapore, Tangem develops smart cards called Tangem Notes that carry a fixed amount of cryptocurrency. Tangem Notes are embedded with a S3D350A chip from Samsung Semiconductor and equipped with a NFC antenna. The company provides accompanying Android and iOS apps which allow users to verify the authenticity and value of Tangem Notes via NFC.

Tangem Notes strive to be the easiest and safest way to acquire, secure and transfer cryptocurrencies.

“The Tangem hardware wallet, which is highly secure and affordable, is an important tool to promote mass adoption of digital assets and blockchain,” said Yoshitaka Kitao, Representative Director, President & CEO of SBI Holdings Inc. “We believe utilizing Tangem will help stipulate the demand for other blockchain services provided by SBI.”

Technically, every Tangem Note is a separate hardware cold wallet that is fixed to a certain cryptocurrency and can hold one private key at a time. But unlike traditional hardware cryptocurrency wallets like Ledger and Trezor that are optimized for digital transactions, Tangem Notes are optimized for physical transactions and are designed to be fully trusted even when received from untrusted sources, according to the company’s FAQ.

The capital injection from SBI Crypto Investment will be used to accelerate the deployment of Tandem’s technology in other industries where the secure storage and circulation of blockchain assets has high potential including stablecoins, initial coin offerings (ICOs), ticketing, anti-counterfeit, digital identity and retail loyalty, the startup said on Monday.

“We take the next big step on our mission to bring blockchain to people’s everyday life,” said Andrey Kurennykh, co-founder of Tangem.

“In 2018, our technology was proven by the markets after we launched the mass production of Tangem cards for crypto currencies and tokens. With this additional investment in 2019, we will be able to extend our product offering in other industries and provide better support to companies which embrace the idea of physical distribution of blockchain assets.”

Tangem crypto smart cards being manufactured, via Tangem

In May 2018, Tangem launched the pilot sales of its physical “bitcoin notes” at the Megafash Suntec City store in Singapore, delivering the first shipment of 10,000 production notes of 0.01 and 0.05 BTC to prospective partners and distributors for commercial pilots. A wider rollout is planned this year with vending machines, ATMs, and money exchangers, in addition to more retail outlets.

The startup simultaneously announced the addition of former Visa senior vice president and head of innovation Vijay Sondhi as a senior strategic advisor.