eToroX, a subsidiary of the trading platform eToro, has launched a new crypto exchange to the market. Additionally, the company has decided to create eight different stablecoins pegged to fiat currencies from countries in different continents. The information was released by CoinDesk a few hours ago.
eToro Launches New Exchange and Stablecoins
The cryptocurrency market continues its expansion with eToro launching a dedicated virtual currency exchange. There will be six cryptocurrencies supported for buying and selling, including Bitcoin (BTC), Bitcoin Cash (BCH), XRP, Litecoin (LTC), Ethereum (ETH) and Dash.
All of them are recognized cryptocurrencies among the top 10. The only top 20 is Dash but it has also been among the top 10 in the past. Users will be able to trade the virtual currencies against fiat currencies such as pounds Sterling (GBP) or the US Dollar (USD). There will initially be 37 fiat trading pairs.
The company has also decided to launch eight stablecoins that will be pegged to different fiat currencies. Some of these stablecoins are the eToro United States dollar (USDEX), eToro Japanese yen (JPYX), and the eToro Euro (EURX). There are other stablecoins related to the national currencies of New Zealand, Australia, Switzerland and the United Kingdom.
Yoni Assia, the co-founder and CEO of eToro, commented:
“Just as eToro has opened up traditional markets for investors, we want to do the same in the tokenized world. Blockchain will eventually ‘eat’ traditional financial services through tokenization.”
eToro is trying to offer services for the traditional financial market and also virtual currencies. This shows that there is also an increasing interest in the crypto market. Stablecoins have been operative in the space for a long period of time. Tether (USDT) is the largest one in the market at the time of writing, but there are others such as the USD Coin (USDC) or the Gemini USD (GUSD).
eToro has also decided to launch a crypto buying and selling platform and wallet for U.S. Customers. The company is already offering many different features for users, including copy trading and others. In the future, eToro could add support to new digital currencies, but at the moment the platform was released to start offering services and products to users.
In order to promote its stablecoins, the company is already working with other firms to start accepting the stablecoins that the exchange has listed.