eToroX Adds Five New Tokens Including EURX and USDX Stablecoins with MRK, BAT and OMG Coins
eToroX has announced on July 2, 2019, that they have added 5 new tokens to their on-chain wallet. The tokens in question are ERC-20 tokens and these have been added to eToroX which is the blockchain division of eToro. ERC-20 tokens are tokens that are designed and solely used on their native platform but they can be exchanged for other tokens and shared as well as transferred to cryptocurrency wallets.
The new tokens that have been added eToro EuroX and eToro US DollarX which are both stablecoins as well as Maker (MKR), Basic Attention Token (BAT) and OmiseGO (OMG). these efforts are part of a plan to make sure that as many crypto assets as possible are accessible through a large number of platforms and not solely on their native chain. As adoption and crypto users are becoming more widespread, there is the need to make tokens as easily available as possible.
“Adding 120 ERC-20 tokens to the eToro wallet is further evidence of our belief that one day all investable assets will be tokenized,”
said Doro Rosenblum, managing director of eToroX.
“One of the main barriers to mass adoption of crypto assets is lack of access. Making these first 5 tokens available enables more people to transfer and hold them into a secure and regulated wallet. The next step will be adding more ERC-20 tokens to our exchange, which we plan to do in the near future,”
Besides this development, eToro has also made their signature wallet available through a number of apps stores such as Google Play and the IOS Store. Their mission statement is to make the global market more accessible and allow customers to trade in an easy and accessible manner. Considering how many individuals are getting into crypto these days such a service is needed.
Along with these five tokens, there are over a hundred other tokens which are believed will be added at some point in the future and this will go a long way towards expanding their token roster. It is also interesting to note that two of the additions to the roster was stable coins and these have received much more attention in the last few years because they are a means by which investor trust can be gained especially for those that are wary about cryptocurrency.
There is also the discussion of the future of mass tokenization as Rosenblum stated that is believed that all investible assets will be tokenized at some point and this is already becoming a reality. Assets such as artwork, real estate and so on have been tokenized on blockchains in recent times and there is the belief that tokenizing will be there the way to invest as time goes on.
This is because it subverts the usual method of investing which often has high entry barriers but through this method, individuals may invest in smaller pieces of a larger asset they ordinarily would not be able to afford and this creates a more vibrant ecosystem that is welcoming towards more people.
The addition of these new tokens is a small step but plays a significant role and hopefully, it will lead to even more tokens being added and more assets tokenized.