MARKET

eToro issues two stablecoins and adds MKR, BAT, and OMG

share
eToro issues two stablecoins and adds MKR, BAT, and OMG

eToroX is the blockchain division of the social trading platform eToro. They have announced the launch of 120 ERC-20 tokens, which will be gradually added to their on-chain wallet.

Table of Contents

eToro is a social investment network that I believe everyone is familiar with. Think back to the ads that appear at the beginning of YouTube videos, "Steve and Dave..." Yes! That's the ad you're thinking of. They not only want to dominate the investment platform market but have also ventured into the blockchain space by establishing eToroX specifically for their blockchain division.

The new tokens include two eToro stablecoins: eToro EuroX (EURX) and eToro US DollarX (USDX). They also feature three cryptocurrencies: Maker (MKR), Basic Attention Token (BAT), and OmiseGO (OMG).

ERC-20 is a protocol standard on Ethereum, not a technology or a set of programs. You can think of it as a set of rules that all tokens issued on it must follow.

Doro Rosenblum, Managing Director of eToroX, said:

Adding 120 ERC-20 tokens to the eToro wallet further proves our belief that one day all investable assets will be tokenized.

Although their ambition is great, issuing 120 tokens is not an easy task, as the Managing Director added:

One of the main barriers to mass adoption of crypto assets is the lack of permission, followed by adding more ERC-20 tokens. We plan to complete this project in the near future.

In addition, eToroX announced in April that it will launch a new cryptocurrency-only trading platform for professional traders, supporting trading of 6 cryptocurrencies, including Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Ripple, and Dash.

Yoni Assia, CEO and Co-founder of eToro, stated at the time:

Just as eToro has opened up traditional markets for investors, we also want to do the same in the world of blockchain. Blockchain will ultimately decentralize and disrupt traditional financial services.

Related Reading

Join now to get the most comprehensive information on fintech, blockchain insights, and industry examples!