eToro announces new crypto exchange and 8 new stablecoins

17 Apr, 2019 | Updated: 18 Apr, 2019
by David Robb
eToro announces new crypto exchange and 8 new stablecoins

Investment platform eToro has announced the launch of a new crypto exchange, as reported by CoinDesk. The exchange will offer a number of trading pairs alongside 8 new stablecoins launched by eToro.

The crypto exchange is intitially supporting trading for six cryptos: Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), XRP, Litecoin (LTC), and Dash (DASH). It will also support 37 different crypto-fiat trading pairs. 

The new eToro-branded stablecoins are each backed by a different fiat currency. eToro US Dollar (USDX) will be backed by USD, eToro Japanese Yen (JPYX) by Japanese Yen, etc. There will also be GBPX, CADX, AUDX, NZDX, CHFX, and EURX.

According to eToro CEO Yoni Assia, "Just as eToro has opened up traditional markets for investors, we want to do the same in the tokenized world. […] Blockchain will eventually ‘eat’ traditional financial services through tokenization".

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