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eToro Launches New Crypto Exchange eToroX With Stablecoins

Social investing platform eToro has today launched a new regulated digital asset exchange.

The exchange, etoroX will support eight new fiat-stablecoins, and will begin trading six cryptocurrencies at launch: Bitcoin (BTC), ether  (ETH), ripple (XRP), dash (DASH), bitcoin cash (BCH) and litecoin (LTC, allowing for trades with 37 crypto-fiat pairs.

The eight stablecoins are branded with the exchange’s name and currently include the 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).

Regulated by the Gibraltar Financial Services Commission, the exchange explains that it is looking to add more stablecoins, cryptoassets and tokens in the “coming weeks.”

Commenting on the launch, eToro CEO Yoni Assia explained how he believes blockchain-based assets will shape the future:

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.

Launching the platform today at Paris Blockchain week, Assia further explained the bright future he and the company envision for the next decade of crypto:

This latest launch follows that of eToro’s trading platform and wallet service last month, which serves customers from 32 U.S. states and allows for trades in 13 cryptoassets.

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Written by Ravi Gupat

Ravi grew up in India and graduated in Economics. He is a serial entrepreneur who has founded and exited several companies in tech and media over the past 15 years. He is also an early stage investor and advisor in various blockchain-based companies.

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