Blockchain Startup Firmo Acquired By Crypto Investment Platform eToro

Blockchain, News | March 26, 2019 By:

Smart contracts development company Firmo has been acquired by global multi-asset investment platform eToro for an undisclosed amount.

Firmo is a Copenhagen-based smart contract infrastructure provider that enables financial companies such as crypto exchanges to securely offer decentralized derivatives to their customers. They do this through FirmoLang, its domain-specific, formally verified language that translates smart derivatives contracts to any of the major blockchain platforms, such as Ethereum, EOS or NEO.

eToro, which enables people to invest in the assets they want, from stocks and commodities to cryptoassets, said that the acquisition brings the company one step closer to becoming the first truly global service provider, allowing people to trade, invest and save.

The Firmo team will act as an internal innovation unit tasked with research and development of infrastructure for the representation of assets and the execution of trade processes on blockchain infrastructure. They will help eToro bring to life the goal of tokenizing all assets on its platform.

“The acquisition of Firmo will enable eToro to accelerate the growth of our tokenized assets offering,” said Yoni Assia, Co-founder and CEO of eToro. “Blockchain and the tokenization of assets will play a major role in the future of finance. We believe that in time all investible assets will be tokenized and that we will see the greatest transfer of wealth ever onto the blockchain.”

Dr. Omri Ross, CEO and Founder of Firmo, said that the advent of crypto and the blockchain technology that underpins it has driven an explosion in financial innovation. However, he said a number of challenges are preventing mass adoption and integration into legacy infrastructure.

“Our goal is to enable our users to trade any asset globally with instant settlement by tokenizing assets and executing all essential trade processes on the blockchain,” Ross said.