Paris Blockchain Week was the perfect opportunity for eToro’s CEO Yoni Assia to announce the launch of eToroX’s crypto exchange and a range of financial instruments.
“Just as eToro has opened up traditional markets for investors, we want to do the same in the tokenized world. We want to bring crypto and tokenized assets to a wider audience, allowing them to trade with confidence. This is the future of finance. Blockchain will eventually ‘eat’ traditional financial services through tokenization,” said Yoni Assia, co-founder and CEO of eToro.
According to Mr. Assia, the new exchange will cater to professional traders looking for competitive bid-ask spreads. It is important to emphasize that eToroX is one of the first companies to be certified as a regulated Distributed Ledger Technology provider by the GFSC.
8 custom stablecoins
The exchange will offer a range of instruments at launch – 8 fiat-stablecoins (eToro United States Dollar (USDEX), eToro New Zealand Dollar (NZDX), eToro Japanese Yen (JPYX), eToro Euro (EURX), eToro Swiss Franc (CHFX), eToro Pound Sterling (GBPX), eToro Australian Dollar (AUDX), eToro Canadian Dollar (CADX)), 37 pairs and 6 cryptocurrencies (Bitcoin, Bitcoin Cash, Ethereum, Ripple, Litecoin, and Dash).
“We are proud to be one of the first companies in the world to obtain a license for cryptoassets, and one of only a handful of regulated exchanges in the crypto space. 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.
Launching the exchange was a natural step in eToro’s blockchain endeavor, which began with the work with Colored Coins back in 2012.
Trading fees at eToroX will compete with the existing major exchanges – going to 0.1% for market makers and 0.1% for takers. The company also emphasized that it is looking at supporting margin with leverage at 5x.