eToro announces officially licensed crypto wallet

26 Dec, 2018 | Updated: 26 Dec, 2018
eToro announces officially licensed crypto wallet

Social trading and multi asset brokerage company eToro has announced the addition of their new cryptocurrency wallet, backed by Distributed Ledger Technology (DLT) license from the Gibraltar Finance Services Commission (GFSC) 

eToro announced the addition of their new cryptocurrency wallet, which is currently in a soft launch phase. 

eToro is set to push their vision for making crypto assets easier to use and transact with on the broker. The new wallet which is regulated uner the GFSC, means that the crypto wallet is now backed and licensed. CEO of eToro, Yoni Assoa commented on the announcement saying “We are proud to say that we are among the first companies in the world to obtain a licence for cryptoassets and one of very few regulated companies in the crypto space. Just as eToro has opened up traditional markets for investors, we want to do the same in a tokenised world and the creation of eToroX will help us do this.”

The licensing of the wallet through the GFSC means that the wallet will feature systems in place to detect, prevent and disclose financial crime risks including money laundering. eToroX, a subsidiary of eToro, mentioned that the move will benefit the company and all users making use of the wallet - “We believe that a strong system of regulations will support the mass adoption of blockchain technology, including cryptoassets. We don’t need to reinvent the wheel to regulate blockchain. While blockchain brings some unique challenges to regulators, we can protect users and help support new ideas by applying the same fundamental principles as we have in other financial markets.”

The news comes after the addition of the latest cryptocurrency to be added to the broker, Ripple (XRP). 

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