eToro, a renowned crypto-trading platform, recently announced the addition of Tron [TRX] to its platform. Now, the trading platform is expanding even more after it was reported by Bloomberg that eToro acquired Copenhagen-based blockchain firm Firmo.
The report claimed that the partnership would accelerate the growth of tokenized financial assets. eToro would be absorbing Firmo’s research and development team as part of the acquisition, the company said in a statement. However, it did not provide the deal’s financial terms.
In an interview given by Yoni Assia, the Co-founder and CEO of eToro, the acquisition was dubbed as a game changer for his company as it would boost eToro’s growth in the future tokenized economy. He said,
“Blockchain and the tokenization of assets will play a major role in the future of finance. We believe that in time all investable assets will be tokenized and that we will see the greatest transfer of wealth ever onto the blockchain.”
“We aim to be active players in blockchain consolidation”
The report claimed that Firmo’s platform would be used to execute financial contracts on multiple blockchains, which would allow its programming language to be used in creating similar products for cryptocurrency derivatives. A peer-to-peer lending service can also be built using the same.
According to Bloomberg, eToro is looking at additional acquisitions. However, Assia declined to comment on the matter. The Founder and CEO of Firmo, Dr. Omri Ross, said that there were numerous factors that had prevented the mass adoption of blockchain technology and its integration into legacy infrastructure. He said,
“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.”
Firmo would be part of the internal innovation unit at the Israeli social trading platform and would be responsible for the research and development of infrastructure for representation of assets and the execution of trade processes on blockchain infrastructure, reported Finance Magnates.
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Namrata is a full-time journalist and is interested in covering everything under the sun, with a special focus on the crypto market.