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In an announcement today, eToroX – the specialized blockchain division of social trading platform eToro – revealed it is launching a new cryptocurrency-only exchange desk for pro traders. The new platform will support trading in six cryptocurrencies, including Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Ripple, and Dash.
More notably, the exchange will also support trading in eight fiat-backed stablecoins, pegged to Euro, US dollar, New Zealand dollar,Canadian dollar, Australian dollar, Japanese yen, Swiss franc, and UK pound sterling. All stablecoins will be issued and managed by eToroX.
eToro says there will be 37 different trading pairs – BTC-USD and XRP-GBP among others – between all cryptocurrencies and stablecoins offered.
“We want to bring crypto [sic] and tokenized assets to a wider audience, allowing them to trade with confidence,” said eToro CEO Yoni Assia. “This is the future of finance. Blockchain will eventually ‘eat’ traditional financial services through tokenization.”
The social trading firm says it plans to add more cryptocurrency assets in the near future. For the record, eToro supports investing in 15 different cryptocurrencies – including EOS, Stellar Lumens, and NEO – on its flagship platform so chances are some of these might soon surface on the new pro-trading platform, too.
As far as eToro‘s own stablecoins go, the company intends to list some of them on competing exchange desks.
“In the coming weeks and months we will add more cryptoassets [sic], 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 at eToroX – the entity behind the new cryptocurrency-only exchange.
“We will also be adding tokenized assets,” Rosenblum added. For those unfamiliar with the concept, tokenization refers to the process of converting the assets’ ownership rights into digital tokens, which are then available on blockchains.
“The blockchain brings transparency and a new paradigm for asset ownership,” said Assia. “In time, we will see the tokenization of all traditional asset classes, as well as the emergence of new asset classes such as tokenized art, property or even people.”
For the record, thew new exchange will be completely independent from the cryptocurrency-to-cryptocurrency exchange eToro recently launched in the US. Unlike its American counterpart which aimed to provide an easy way for newbies to get involved with cryptocurrency, the new platform will cater to more experienced and sophisticated traders.
Indeed, the new pro-trading exchange won’t be available in the US and the China. It will, however, roll out in most European countries.
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