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eToro confirms eToken works with Facebook Libra

eToro.Marco Verch/Flickr

Sun, 23 Jun 2019, 14:10 pm UTC

eToro recently tested if it can implement its asset tokenization in Libra, Facebook’s new cryptocurrency, and it turns out that it can. The trading platform said as much in a recent press release where it provided details on how its test went and what this means. The details also provide an interesting and reassuring note with regards to the security of tokenized assets.

“Facebook’s announcement this week about its cryptocurrency Libra has far-reaching potential. eToroX’s Labs Blockchain Science team, comprising Chief Blockchain Scientist Dr. Omri Ross, Peter Emil Jensen, and Johannes Rude Jensen, was quick off the mark to investigate how our eToro tokenized assets (and the technology behind them) would work on Libra’s initial prototype, and how well it suited our specifications,” the press release reads.

“By exploring Libra’s capabilities, and using Move IR (the intermediary representative layer of what will eventually be the final programming language), they successfully managed to implement an initial version of eToro tokenized assets on the Libra Network.”

This move can basically serve as eToro getting ahead of the game since Facebook is also expected to launch its own tokenized asset option with Libra, Cointelegraph reports. The fact that the trading platform has already confirmed that it can implement its eToken on Libra means that it has a distinct advantage.

On that note, there have been some concerns with regards to Libra in terms of regulations and how governments are reacting to it. While there are some who have expressed positive sentiments towards the crypto-coin, there are also US federal officials publicly asking Facebook to stop development.

It’s not just governments and watchdogs that have been reacting with alarm, however, as even industry experts have also expressed criticism of the Libra framework. eToro is not one of those critics and has even shown enthusiasm for Libra’s potential.

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