Crypto Exchange eToroX Adds Gold And Silver Stablecoins

News | May 14, 2019 By:

eToroX, the digital asset subsidiary of global investment platform eToro, has added two commodity-stablecoins, two further fiat-stablecoins, and 17 trading pairs to its crypto exchange.

eToroX was formed in 2018 to provide the infrastructure to support eToro Group. In December 2018, it received a blockchain license from the Gibraltar Financial Services Commission (GFSC) after passing nine regulatory principles designed to protect users. Last month, the firm officially launched its cryptocurrency exchange, supporting five major cryptocurrencies, including bitcoin, ethereum, Bitcoin Cash, Ripple and Litecoin, and stablecoins created by eToro.

The new instruments added to the eToroX exchange are two commodity-stablecoins – eToro Gold (GOLDX) and eToro Silver (SLVX) – and two new fiat-stablecoins – eToro Ruble (RUBX) and eToro Yuan (CNYX). These stablecoin, which are all ERC20 tokens, are in addition to the existing eight fiat-stablecoins – 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).

“One of the key obstacles that crypto assets need to overcome for mainstream adoption is price stability,” said Yoni Assia, Co-founder and CEO of eToro. “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 exchange also added 17 trading 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 – bringing the total number of trading pairs to 60.

Doron Rosenblum, managing director of eToroX, said that 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,” said Rosenblum. “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.”