eToro Acquires Blockchain Smart Contract Development Project Firmo for Tokenization Offerings
The prominent social network for investors and traders eToro has recently decided to acquire Firmo, a smart contract development company. According to the official reports from the company, which came out on a press release published today, the acquisition was made for an undisclosed amount of money.
Yoni Assia, the CEO, and co-founder of eToro has affirmed on the press release that the acquisition will be very important for eToro as it will help the company to offer more tokenized products. According to him, all investments will eventually be tokenized, so it is important that the company will be ahead of others in this big transfer of wealth to the blockchain.
Now, the current team of Firmo will become a new department inside eToro and they will act in order to find out how to tokenize the assets which are being offered in the platform. For that, the former members of Firmo will have to research and develop solutions of infrastructure that will be dedicated to the representation of assets and their trade on the blockchain.
With its current tech, Firmo can deploy contracts on several blockchains like Ethereum (ETH), EOS and NEO. The system reportedly uses a domain-specific language called FirmLang. Despite this, the firm is also reported to be able to tokenize derivative assets on any major blockchain in the market today.
The CEO and founder of Firmo, Omri Ross, has affirmed that the blockchain technology will underpin a financial revolution in the market and that there are several challenges that are still preventing it from reaching mass adoption. His goal with his company was always to enable the users to overcome these barriers and to start being a part of this important financial revolution.
Other eToro News
eToro is far from only betting in assets that will still be tokenized. Recently, the company has listed one of the hottest tokens of 2019: Tron (TRX). The company has launched its trading service in the United States this month and Tron is the newest listing in this area. At the moment, customers from 32 states can already use the service.
This is a time for expansion in eToro and these actions are proof of that. Slowly, but surely, the company is able to carve out its space in a new country at the same time that it is already thinking about the future.
Yoni Assia has stated on the press release that eToro’s growth is mostly very organic and that that the company is focused on innovation right now, as this is a very exciting time for the market.