eToro announces new wallet aimed at mass adoption

06 Nov, 2018
by Arthur Sillers
eToro announces new wallet aimed at mass adoption

Brokerage platform eToro today announced via press release the launch of a cryptocurrency management and wallet application, which seems designed with mass adoption in mind.

The wallet, called the eToro X, boasts multiple crypto on-chain capability, and claims will add crypto-to-crypto conversion functionality. Etoro already has10 million registered users on its investment platform, and is thus in a good position to corner a developing crypto investment market.

While news of institutional investment continues to roll in, access to crypto investment is still limited to those who are willing and able to get past the learning curve of using wallets, exchanges, and cryptocurrencies, every piece of which adds more security risk.

The eToro X wallet notes that it includes multi-signature security, which NewsBTC points out likely means that users won’t have direct access to their private key, which will be ‘known’ by the application. NewsBTC claims that this means eToro is ‘missing the point’ of cryptocurrency, because there will be a central arbiter for security and individual users will have to rely on a central authority to ensure the security of their crypto assets.

While it is true that a centralized authority goes against the original precepts of cryptocurrency technology, this criticism seems to be missing the point of whats happening to the crypto market. eOne of cryptocurrencies biggest barriers to mass adoption is the technological barrier as well as the risks latent in average users having to rely on their own data security and hygiene. As crypto becomes more popular, its simply the case that the majority of users will be more attracted to the digitization of value, lower transaction fees, and rapid trans-national transfer of values.

Without a doubt, there are traders who will continue to be attracted to the prospect of self-authenticated decentralized monetary platforms, the slow adoption of DEX’s versus the excitement around the possibility of a Bitcoin ETF and the potential mass amounts of capital flooding the market from the very same institutions that crypto was supposed to disrupt show that the crypto market has changed. The simple fact is, that there is not point in bemoaning the development of centralized crypto platforms, but rather in order to keep crypto decentralized, developers would be wise to watch what technologies consumers get excited about and try to utilize whats attractive about them in order to get retail users on board.

Read more- Binance Coin $BNB now available on asset brokerage company eToro

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