New Stablecoins Backed by Gold and Silver are Coming to eToro Crypto Trading Platform
eToro has announced the inclusion of two commodity stablecoins—eToro Gold (GOLDX) and eToro Silver (SLVX). This is in a bid to expand the scope of the assets on eToroX, its secure and regulated crypto exchange platform. The exchange also launched the addition of two fiat stablecoins—eToro Rubble (RUBX) and eToro Yuan (CNYX), as well as 15 other fiat pairs.
According to Yoni Assia, the Co-founder and CEO of eToro,
“The blockchain brings transparency and a new paradigm for asset ownership. We believe this is the future of finance and we’ll see the greatest transfer of wealth ever onto the blockchain,”
“One of the key obstacles that crypto assets need to overcome for mainstream adoption is price stability. Stablecoins largely eliminate this hurdle, creating a more user-friendly way to interact with the blockchain. By adding eToro Gold and eToro Silver and expanding our fiat-stablecoin range to 10, we are demonstrating the vast potential offered by tokenized assets,”
The New Instruments
Here is a summary of the new instruments that eToroX included in its exchange:
- 2 Commodity-stablecoins—eToro Gold and eToro Silver
- 2 Fiat-stablecoins—eToro Ruble and eToro Yuan
- 17 Fiat pairs: USDEX-EURX, USDEX-GBPX, USDEX-JPYX, USDEX-CHFX, USDEX-AUDX, USDEX-NZDX, USDEX-CADX, USDEX-RUBX, USDEX-CNYX, EURX-GBPX, EURX-JPYX, EUR-CHF, EURX-AUDX, EURX-NZDX, EURX-CADX, GOLDX-USDEX, and SLVX-USDEX.
The newly added assets will form part of the existing fiat stablecoins, which include:
- 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)
The exchange also has five major cryptocurrencies:
This is in addition to other 43 crypto-fiat pairs such as BTC-USD, BCH-XRP, and others. Out of the new lot, some are ERC20 tokens including 2-Commodity-stablecoins and ten fiat-stablecoins.
“The addition of these fiat pairs means that people can now trade FX 24/7 as well as traditional assets such as gold and silver. We are continuing to open up markets and this step allows people for the first time to trade, hedge, and close exposure whenever they want.
“The inclusion of 17 new instruments to our exchange less than a month since we launched shows the commitment to grow our exchange and the huge possibilities offered by the blockchain. We don’t want to just add established crypto assets. We want to push the boundaries and continue to innovate,”
said Doron Rosenblum, the Managing Director of eToroX.
eToroX, a branch of the eToro Group, manages the exchange. eToroX is one of the recognized companies in the crypto and blockchain space, having passed the regulatory checks by the Gibraltar Financial Services Commission (GFSC). It’s therefore, a certified Distributed Ledger Technology platform.
Established in 2007, the vision of eToro was to open up the global markets so everyone could trade and invest in a simple and transparent manner. The eToro Group of Companies include the eToro Exchange and eToroX. The exchange is a multi-asset trading and investment venue while eToroX focuses on managing the crypto wallet and exchange.
The eToro platform allows people to invest in the assets of their choice, including crypto assets, commodities, and stocks. The platform comprises over 10 million registered users, who share their investment strategies with both new and veteran investors.
The eToro platform is simple, which makes it easier for people to buy, sell, and hold assets. Users can also monitor their portfolio in real-time and conduct transactions as they wish. eToro evolves with technology. It created eToroX in 2018, which is its tokenized asset subsidiary.
It focuses on the crypto wallet and the forthcoming exchange, providing the infrastructure that will support the platform’s commitment to facilitate the development of tokenized assets. eToro believes that using the blockchain technology will enable them to become the first company with a truly global outlook, which allows everyone to save, trade, and invest.