eToroX launches cryptocurrency exchange, announces 8 stablecoins

eToroX, the blockchain division of global investment company eToro, has launched its cryptocurrency exchange.

Announced last year, eToroX aims to advance eToro’s vision around blockchain and the development of cryptoassets. The recently launched crypto exchange will provide a secure and regulated trading venue offering a range of cryptoassets as well as a suite of stablecoins.

“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,” Yoni Assia, Co-founder and CEO of eToro, said.

The exchange is managed by eToroX, which was certified as a regulated Distributed Ledger Technology (DLT) provider by the Gibraltar Financial Services Commission (GFSC) late last year. At launch, it will support a range of instruments including:

• 8 fiat-stablecoins (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), eToro Canadian Dollar (CADX)
• 6 cryptos (Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Dash (DASH), BitcoinCash (BCH) and Litecoin (LTC)
• 37 pairs including BTC-USD, XRP-GBP etc.

“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,” Doron Rosenblum, Managing Director of eToroX, said.

“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.”

In its press release, eToro said that the launch of the exchange is a “natural next step” in its blockchain journey which began with the work with Colored Coins in 2012. Founded in 2007, eToro was one of the first regulated financial companies to offer crypto, enabling users to trade bitcoin in 2014 and today has 15 cryptoassets on the eToro platform.